The filing will seek to slow or nullify an advancing plan for Tribune to exit from bankruptcy protection that calls for J.P. Morgan, Merrill Lynch
and other banks to get nearly all of Tribune in return for them forgiving about $8 billion in debt. In contrast, bondholders would likely receive only a sliver of new equity under the deal. The
bondholders seeking to investigate Zell's buyout represent more than 18% of the company's bond debt. They are requesting investigation centers around some $1.26 billion in notes issued between 1992
The move by Tribune's bondholders could become common in the months ahead, as many big leveraged buyouts collapse into bankruptcy. Looking for leverage in negotiations, creditors are trying to pin blame on company managements, as well as the financial institutions that funded the deals.