Tribune Creditors Working To Force Sam Zell Out: Report

Chicago Sun-Times:

Eight months after the filing, two sources familiar with the process said creditors are working on a reorganization plan that elbows Zell aside. The creditors, including investment banks owed $8.6 billion from Zell's Tribune takeover, would stage a takeover of their own and sell off the company's newspapers and broadcast stations as they see fit.

Read the whole story: Chicago Sun-Times

Comments

[planetjeffy]

Zell cleaned out all the cash from the pensions and everywhere else he could find it - leaving Tribune in hopeless debt as the economy tanked and traditional media crumbles. Newspapers are finished anyway, but it is a shame this krook got away with the dough and left the workers destitute. There is a special place in he11 for this guy.

[mcmutter]

When Mr Biggy goes belly up....

[Dbos]

The Trib tilted so far right its touching Lake Michigan

[Sinick]

Distilled together, the "creditors" and Zell are the essence of evil. 'Nuf said.

[stagebandman]

I WANT MY NEWSPAPER BACK!

[NotMcCain]

Not surprisingly, Zell has been a disaster.

If ONLY this is true!

I hope for the best--for the reporters of the Trib, and especially for those still holding down the fort at my beloved Los Angeles Times.

[Nick Pirce]

Tribune Company is general motors of newspaper industry

[larry278]

Try running a motor, aka engine, without fuel & motor oil. That is what Sam Zell has been doing. BTW GM has been ¤tly is in bankruptcy proceedings.

[tandrmcdonald]

If the board gets rid of Zell and makes him return the money he took from Trib's employees, I might think about reading the paper again. It ain't HuffPo, but I can wrap the trash in it when I'm finished.

[MillinMn]

Employees going to get back their pension funds looted by Zell when he took over? Going to re-assemble a journalistic staff at the Tribune? Gonna help the Cubs win a d-mn World Series?

Those would help heal the wounds of Saul's misguided acquisition tactics

[Cogs]

I hope he takes Jim Hendry with him when he leaves.

[stagebandman]

Zell is the one who handcuffed Hendry and when he's gone we're gonna hear some real stories of interference from the CEO. Trust me, as bad as I feel about this season, it's not all Hendry's fault.

[Cogs]

Hendry wasted millions on long term deals to question marks like Soriano,Fu­kodome,Dem­pster,Zamb­rano, Gregg,Mile­s,Heilmann and Bradley. The team's hands are tied for the next several years.

[JumpDownTurnAround]

This is you KARMA Sam Zell, this is YOUR Karma catching up with you FINALLY!

[BushBites]

Tribune Company is a product of the 80s.

It needs to be taken apart and sold in pieces.

There's still a future for each of its components, just not together.

[BushBites]

And newspapers will never make the 25 percent margins they used to make.

[Bude]

And we hardly even knew ya, Sam.

[ErnestineBass]

LOL...Pharaoh's Chicken devoured by turkey vultures.

[Bude]

Out on his atrophied b@ld head.

[Dbos]

The Tribune investigates corruption in Chicago, they should investigate themselves