Lawyers for Hulk Hogan say creditors of Gawker Media Group, not new owners of the online publishing operation, should have the right to sue suppliers in Gawker’s bankruptcy case.

The former professional wrestler, whose real name is Terry Bollea, filed a challenge to Gawker’splan to sell itself to Ziff Davis or a higher bidder at a bankruptcy auction on the grounds the sale unfairly trades away potentially valuable rights.

Mr....