Last 2 unions reportedly agree on terms with Philly newspaper creditors, sale to close Friday

Unions reportedly agree on Philly newspaper terms

PHILADELPHIA — The incoming owners of The Philadelphia Inquirer and Philadelphia Daily News have reportedly negotiated labor contracts with the last two unions at the company.

The agreements pave the way for the company to emerge from bankruptcy Friday after 20 months.

The Inquirer reported that drivers who balked at two earlier offers approved the latest offer Sunday. The paper said a mailers union also agreed to terms with creditors buying the company.

The buyers include the hedge funds Angelo, Gordon & Co. and Alden Global Capital. They won last month’s court auction with a bid of about $139 million in cash and real estate.

The group held $318 million in debt taken out by local investors who paid $515 million for the newspaper company in 2006. They filed for bankruptcy in 2009.