Zell: Tribune May Exit Bankruptcy In Q1 2010
October 30, 2009 at 4:28 AM (PT)
SAM ZELL, bemoaning that his deal to take over TRIBUNE CO. is "the most amount of money I've ever lost in a single deal," told BLOOMBERG TELEVISION that he does not think the company will emerge from bankruptcy before the end of 2009 but will exit bankruptcy by the end of first quarter 2010 "with some reasonable luck."
"I've been involved in a lot of bankruptcies in my life -- most of the time as the buyer of the debt as opposed to the debtor in possession," ZELL said. "Bankruptcies, by definition, are very frustrating, and they will continue to be." He dismissed claims by some shareholders that the purchase of TRIBUNE was a "fraudulent conveyance" by saying that such an allegation is common in bankruptcy cases and, "In the end, it's very difficult to prove, number one. Number two, in this particular case, I don't think it's valid. But ultimately it becomes a basis for negotiations."
See ZELL's interview by clicking here. TRIBUNE owns Talk WGN-A/CHICAGO.