Friday, October 13, 2006

Air America Files For Bankruptcy

October 13, 2006

Some will be upset with this news, others will cheer, and still others will feel that it is a "vast right-wing conspiracy". However you feel about Air America, what can not be argued is that they have management issues as well as financial issues.

If you are of the mindset that Friday the 13th is bad, then Air America may face certain doom. The liberal minded radio channel with a home on XM Satellite Radio has filed Chapter 11. Air America used to also be on Sirius, but made a switch to XM within the last year. Financial troubles have dogged Air America for quite some time, and many felt that bankruptcy protection was only a matter of time. About a month ago rumors started to swirl, but were denied by Air America. Today, those rumors came to fruition. Air America states that they will continue operations while they negotiate with creditors.

According to the AP, Air America has losses so far this year totaling $13,100,000

AP Article Excerpt:

Air America Radio Files for Chapter 11
Friday October 13, 11:43 am ET
By Seth Sutel, AP Business Writer

Liberal Talk Radio Network Air America Files for Chapter 11 Bankruptcy Protection
NEW YORK (AP) -- Air America Radio, a liberal talk and news radio network that features the comedian Al Franken, has filed for Chapter 11 bankruptcy protection, a network official told The AP.

The network had denied rumors just a month ago that it would file for bankruptcy protection. On Friday, Air America spokeswoman Jaime Horn told The Associated Press that the filing became necessary only recently after negotiations with a creditor from the privately held company's early days broke down.

The network will stay on the air while it resolves issues with its creditors, Horn said. In addition to Franken, the network also features shows from liberal talk show host Randi Rhodes and syndicates shows from Jerry Springer and Portland, Ore.-based talk show host Thom Hartmann.

Horn declined to name the creditor with which talks had reached a logjam. The company will operate in the interim with funding from its current investor group........

Interested SSG readers can catch the entire article HERE

10/13/2006 01:12:00 PM

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