FairPoint Communications Inc. has reached a tentative agreement with its labor unions, a deal both sides say will help the troubled telecommunications company emerge from bankruptcy and improve its services.

The agreement must still be approved by each union’s membership, which could take a couple of weeks. But the deal could be a big step toward righting FairPoint’s finances as it prepares to outline its restructuring plans before a bankruptcy court.

“We all need to work together and come out of this bankruptcy as quickly as possible, for the benefit of the workers, management and the consumer,” said Don Trementozzi, president of Communications Workers of America Local 1400, one of four unions that represent a total of roughly 3,000 FairPoint workers. “We think this agreement takes care of that.”

Though details were scarce, union officials said the deal would do the following:

Delay a 3 percent wage increase for workers until 2013.

Restructure compensation packages.

Extend the current labor contract for another year, until August 2014.

Guarantee that FairPoint will not try to reject the collective bargaining agreement in the course of bankruptcy proceedings.

Set up a “Joint Committee for Operational Savings,” a forum for FairPoint’s workers and management to share ideas on reducing costs and improving finances.

Union officials said the last piece of the agreement is especially welcome, as many employees felt there was no mechanism for them to engage company management in talks about FairPoint’s financial health.

“That’s the important thing, that there’s now a methodology for the company and unions to work together,” said Glenn Brackett, business manager for International Brotherhood of Electrical Workers Local 2320. “There’s now a framework for us to work with the company.”

Analysts said the agreement could be a welcome sign of progress as the company continues to try to restructure its finances in bankruptcy court. Having the support of its labor unions will signal to creditors that FairPoint is moving in the right direction and could provide some measure of financial stability once the company emerges from bankruptcy.

“Having a labor settlement would give them a picture of a major cost component,” said John Culver, an analyst with Fitch Ratings. “When you’re going through this process, you don’t have a lot of control over your revenues. But costs are something you have control over. So to resolve that piece of the puzzle can be helpful.”

Gary Garvey, FairPoint’s senior vice president of human resources, said in a statement that the deal would help the company meet its restructuring goals “in a fair and equitable way.”

FairPoint still faces significant financial and operational hurdles. Earlier this week, the company delayed filing its bankruptcy reorganization plan – the third time it has delayed such a filing in recent months. FairPoint officials had said they needed more time to finish negotiations with lenders, unions and other parties. The company also recently reported assets of $207 million and debts of $2.8 billion, much of that debt held by secured creditors who lent FairPoint money.

FairPoint, based in North Carolina, paid $2.3 billion for Verizon’s landlines and Internet operations in northern New England in 2008 – acquiring about 1.5 million customers in Vermont, New Hampshire and Maine. Since then, the company has been hurt by the significant debt it took on to purchase the new lines and by operational problems that have led many customers to leave and state regulators to increase scrutiny of the company.

FairPoint filed for bankruptcy in October. A report by an outside consultant in November said the company was struggling with basic business needs, such as billing errors and responding to complaints. Fixing those problems, the consultant said, would take “considerable time.”

The company’s reorganization plan, which will detail how it intends to pay creditors and stabilize its fiscal health, is expected any day.