America Radio files for bankruptcy
liberal talk and news network Air America Radio
has filed for Chapter 11 bankruptcy protection,
but hopes to remain on the air. Air America has
lost millions of dollars since it was launched in
2004. Aside from economic difficulties, Air America
Radio has struggled to maintain a comprehensive
network of affiliate stations. Air America programs
are currently heard on 92 FM and AM stations, as
well as on XM Satellite Radio, but Air America is
not aired in three of the nation's top ten radio
filing enables the company to reorganize its finances
while freezing claims from creditors. Court papers
show Air America had $4.3 million in assets and
$20.3 million in liabilities, according to Reuters
news agency. Based on its bankruptcy filing, the
privately-owned company has lost nearly $42 million
since its launch, including $13 million so far in
The best known
talk show host on Air America is Al Franken, comedian
and best-selling author. Air America says it has
about 4 million listeners.
October 14, 2006)
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