Bankruptcy court-approved sale of Philly newspapers could collapse over drivers’ pension issue

Bankruptcy sale of Philly newspapers in danger

PHILADELPHIA — Philadelphia’s two largest newspapers could go on the auction block — again — as lenders struggle to complete their purchase by Tuesday’s deadline.

The lenders have until noon to close their $139 million purchase of the company that owns The Philadelphia Inquirer and Philadelphia Daily News. The company has operated under bankruptcy protection for 18 months.

But the planned sale could collapse because unionized drivers are balking at demands that they leave their Teamsters pension plan.

Publisher Greg Osberg says lenders won’t complete the deal without a signed contract from the drivers.

That could mean another auction to determine the next owners.