Chicago Sun-Times
Sam Zell‘s days as a media titan in Chicago are nearly over.
The motorcycle-riding billionaire, renowned for his deft touch with real estate and corporate turnarounds, took Tribune Co. private in late 2007 promising to energize the lumbering company. He piled on debt at exactly the wrong time, and a collapse in advertising for traditional media forced him to take the company to Chapter 11 bankruptcy.
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Eight months after the filing, two sources familiar with the process said creditors are working on a reorganization plan that elbows Zell aside. More…