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Tribune may exit bankruptcy this fall: report
August 31, 2009 / 4:26 AM / 8 years ago

Tribune may exit bankruptcy this fall: report

(Reuters) - Bankrupt U.S. media group Tribune Co could emerge from bankruptcy in the autumn without a major overhaul of its present top management, the New York Times said, citing people briefed on the restructuring plans.

<p>The Tribune Tower in Chicago, April 2, 2007. REUTERS/John Gress</p>

The status of Tribune’s chief executive Sam Zell is however not clear, the paper said.

People close to the talks told the paper that major creditors have not made it clear whether they want Zell to leave the company or work in another capacity. Zell’s plans are also unclear, the paper said.

A Tribune spokesman could not be immediately reached for comment by Reuters.

The publisher of the Chicago Tribune and Los Angeles Times filed for bankruptcy in December 2008 after going private in a deal led by Zell that resulted in the company having $13 billion in debt.

Last week, Tribune bondholders asked a bankruptcy judge to investigate the 2007 buyout by Zell, saying it caused the company’s demise, court documents showed.

Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast

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