The publisher of the Philadelphia Inquirer won court approval Monday for its bankruptcy reorganization plan, clearing the way for lenders to buy its newspaper assets for about $139 million.

U.S. Bankruptcy Judge Stephen Raslavich rejected objections by some union pension funds before approving the plan proposed by Philadelphia Newspapers LLC, which runs the Inquirer and the smaller Philadelphia Daily News.The lending group buying the papers includes investment firm Angelo Gordon & Co. and a unit of Credit Suisse Group AG.  It outbid an investor group, including financier Ronald Perelman, in an April auction for control.

Angelo Gordon is also an owner of the Minneapolis Star Tribune, a stake it also took through the bankruptcy process.

Lawrence McMichael, a lawyer for Philadelphia Newspapers, said Raslavich issued a “thorough bench ruling” overruling objections to the plan, though some creditors may seek an emergency stay of his order while they appeal.

Raslavich’s approval was necessary for a sale to be completed. The buyers have until Aug. 31 to complete the purchase, and McMichael said the debtor hopes to close sooner.

Philadelphia Newspapers filed for Chapter 11 protection in February 2009 in the face of falling advertising and too much debt.

The sale price is barely one-fourth the $515 million that a group led by Philadelphia-area public relations executive Brian Tierney paid for the publisher in 2006.

Once the sale is completed, the company is expected to be renamed Philadelphia Media Network Inc. and be run by Greg Osberg, a former president and publisher of Newsweek.

The case is In re: Philadelphia Newspapers LLC, U.S. Bankruptcy Court, Eastern District of Pennsylvania, No. 09-11204.