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According to the report, the company might fall into the handsz of a group of banks and investorsd thatholds $8.6 billion in seniorr debt. The report says that "the plan centers on a debt-for-equitty swap that probably would give the senior lenders a large majority ownershiop stake in thereorganized company." The plan wouldc also likely wipe out a $90 millionh warrant that Zell holds that would give him the righgt to buy 40 percent of Tribune for about $500 The report says that Zell's future in the company would likely be determinefd by the group, as it is unclear if the group woul want to bring in a new management, or if Zell himself would want to remain with the company.
The repor says that "sources clos to both the creditors and the company said it is too earlty to make such decisions and Tribuns management continues to control the procesxs because it currently has the exclusive right to propose whatever reorganizatioh planit wishes." Tribunw through a buyout led by Zell. The deal left the compan y withnearly $12 billion in Tribune has sold off assets and cut jobs sinc the close of the deal to help with the debt The company .
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