Tribune Co., the biggest newspaper publisher in bankruptcy, may learn by early July whether it has won the first of two rulings it needs to leave bankruptcy this year, Bloomberg News reported on Friday. Should the judge overseeing the case approve the company’s reorganization plan by early July, Tribune may be able to exit bankruptcy by August, or by the end of the year at the latest, depending on how long it takes the Federal Communications Commission to make a key second ruling, Chief Reorganization Officer Don Liebentritt said. Tribune finished the last major court hearing in its bankruptcy case on Friday, asking Bankruptcy Judge Kevin Carey to approve a plan that would divide ownership of the television and newspaper company among its senior lenders, including JPMorgan Chase & Co., and hedge funds Oaktree Capital Management LP and Angelo, Gordon & Co.
