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According to the report, the company mighg fall into the hands of a group of bankse and investors thatholds $8.6 billion in senior The report says that "the plan centerw on a debt-for-equity swap that probably woulc give the senior lenders a largre majority ownership stake in the reorganized company." The plan would also likelyy wipe out a $90 million warrantf that Zell holds that would give him the right to buy 40 percent of Tribune for about $500 million.
The reporyt says that Zell's future in the company woulxd likely be determined bythe group, as it is uncleare if the group woul d want to bring in a new management, or if Zell himselt would want to remain with the The report says that "sources close to both the creditorsd and the company said it is too earlh to make such decisionsx and Tribune management continues to control the process because it currentlhy has the exclusive right to propose whatever reorganization plan it wishes." Tribuned through a buyout led by Zell. The deal left the companyh withnearly $12 billion in debt.
Tribune has sold off assetsd and cut jobs since the closde of the deal to help with the debt Thecompany .
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