US Bankruptcy Judge Kevin J. Carey rejected two competing plans for bringing Tribune Co. out of bankruptcy, a move that could trigger lawsuits over the company’s disastrous buyout.

The plans differed over whether creditors could sue JPMorgan Chase and other lenders that funded a buyout by developer Sam Zell that left Tribune mired in debt.

A plan backed by Tribune and JPMorgan would have limited damages to senior lenders in exchange for concessions in the reorganization.

Bondholder Aurelius Capital wants to pursue claims against lenders that loaned more than $10 billion to finance the Tribune sale in 2007, as well as execs who cashed in on the sale. The company filed for bankruptcy little more than a year later.

If the two sides do not reach a settlement, creditors may choose to pursue JPMorgan outside of bankruptcy court, a source close to the company said.