Tribune Co. Chairman Sam Zell said Monday that he doesn’t see himself having an operating role in the media company after it exits bankruptcy.
Zell, a real-estate mogul, led an $8.2 billion leveraged buyout of Tribune in 2007. Creditors blame the deal for leaving the owner of the Los Angeles Times, KTLA-TV, and the Chicago Tribune, insolvent, forcing it to seek Chapter 11 protection in late 2008.
Nearly two years later, the company remains stuck in bankruptcy proceedings as creditors have battled over the circumstances that led to the 2007 buyout. Late last month, the company filed a reorganization plan backed by its leading creditors, taking what it hopes is a final step toward exiting bankruptcy.
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