By David Gambacorta, Philly.com

WELL, THIS IS getting ugly.

Interstate General Media, the parent company of the Daily News, theInquirer and Philly.com, has threatened to “liquidate” the newspapers and their website if tentative contract agreements aren’t reached with the company’s 11 unions by next Friday.

The grim ultimatum was delivered Thursday by Michael Lorenca, the media company’s chief operating officer, according to Dan Gross, president of the Newspaper Guild of Greater Philadelphia.

Meanwhile, the company Thursday simultaneously offered buyouts and an option for employees to switch to a shortened workweek.

The Guild, which represents newsroom staffers, advertising-sales representatives and circulation-customer-service representatives, has an existing contract that runs through October.

http://www.philly.com/philly/news/local/20130111_Owners