This story was written by Joseph Tartakoff.
There’s more speculation that Sam Zell may ultimately be pushed aside at the Tribune Co., which filed for bankruptcy last December. The Chicago Sun-Times cites sources familiar with the situation as saying that a reorganization plan in the works puts the company’s creditors—and not Zell—in charge. But it appears as though Zell could still have months at the helm if he wants, considering that he has until Nov. 30 to file a reorganization plan of his own; only then will creditors be able to do the same.
Already, the Tribune-owned Chicago Tribune had reported that one early-stage reorganization scenario had Zell losing his right to buy about 40 percent of Tribune for $500 million. For its part, the Tribune Co. is still saying that it’s “premature to speculate about the company’s final ownership structure.”
By Joseph Tartakoff