Warner Bros. is among a group of unsecured creditors of Tribune Co. who are readying a lawsuit against an investor group led by real estate mogul Sam Zell that purchased the media company in 2007, according to The Hollywood Reporter.
The creditors group has filed a motion with Tribune bankruptcy judge Kevin Carey, the story reports.
The suit would name Zell, Citigroup, JPMorgan and others who funded the buyout, according to the story. The purchase led to Tribune’s filing for Chapter 11 bankruptcy. Zell reportedly put up $315 million in the $11.7 billion leveraged buyout, while Tribune borrowed the rest, creating the debt load that led to the bankruptcy filing, the article says.