Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Sam Zell Steps Down as Tribune CEO

Randy Michaels steps up as court ruling beats back creditors

By Nick McMaster,  Newser Staff

Posted Dec 2, 2009 3:05 PM CST

(Newser) – Maverick takeover artist Sam Zell resigned as CEO of the Tribune Co. today, naming Randy Michaels as his successor. Zell is still chairman of the news giant he bought, disastrously, in 2007. Tribune, which has been bankrupt for almost a year, yesterday won an extension until February of the right to file its own plan for reorganization. The ruling by a bankruptcy court judge in Delaware was a blow to Tribune's creditors, who wish to reorganize the firm on their terms.

But the court's decision merely delays the creditors' takeover—any reorganization plan is likely to involve swapping Tribune's $13 billion debt for equity, which means the creditors will control the firm, the Chicago Tribune reports. At that point, it is unclear if Michaels, or anyone else on Zell's team, will remain in a position of authority.

In this Dec. 20, 2007 file photo, Tribune Co. executive Sam Zell responds to a question during a news conference at the Tribune Tower in Chicago.
In this Dec. 20, 2007 file photo, Tribune Co. executive Sam Zell responds to a question during a news conference at the Tribune Tower in Chicago.   (AP Photo/Charles Rex Arbogast, File)
In this Dec. 20, 2007 file photo, Randy Michaels listens to real estate billionaire Sam Zell comment on his purchase of the Tribune Company during a news conference at the Tribune Tower in Chicago.
In this Dec. 20, 2007 file photo, Randy Michaels listens to real estate billionaire Sam Zell comment on his purchase of the Tribune Company during a news conference at the Tribune Tower in Chicago.   (AP Photo/Charles Rex Arbogast, file)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
17%
33%
0%
17%
33%
0%
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 1 of 1 comment
Spudsy
Dec 2, 2009 11:23 AM CST
This jerk recklessly destroyed a great chain of newspapers and tv stations and created a lot of unemployed people. Rot in hell you bastard.

More Newser Stories

Geffen, Zell Talk Deal For LA Times

Hostess Files for Bankruptcy

Trib CEO to Jump Before Being Pushed Out

How Frat Boy Hijinks Helped Screw the Tribune Co.

Tribune Sells Cubs for $800M


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne