Tribune creditors mull restructuring plan

Creditors could force out CEO Sam Zell

NEW YORK -- Tribune creditors are mulling a bankruptcy restructuring plan that would push out CEO Sam Zell, the Chicago Sun-Times reported Friday.

The paper, which competes with Tribune's Chicago Tribune, cited two sources.

Tribune creditors, including investment banks, are looking to take over the company themselves and sell off newspapers and TV stations as they see fit, the newspaper report said.

Real estate tycoon Zell had taken the media company private in late 2007 in a leveraged buyout, but he didn't manage to sell off assets quickly enough to reduce the high debt load.

Zell has some time left though to fight for his spot. The bankruptcy court on Monday granted him added time, until Nov. 30, to file a Chapter 11 reorganization plan. The creditors have to wait at least until then before they can file a competing plan.