Air America Radio Files for Chapter 11 Bankruptcy Protection
New York - Air America Radio, a liberal talk and news radio network that features the comedian Al Franken, has filed for Chapter 11 bankruptcy protection. The network had in recent weeks denied rumors that it would file for bankruptcy. Jaime Horn, an Air America spokeswoman, told the Associated Press that the filing became necessary after negotiations with a long-standing creditor had deteriorated. The network will remain on the air as it attempts to resolve issues with its creditors. Also on Friday, the company named the former GM of New York radio station WLIB, Scott Elberg, as its new CEO
http://business.bostonherald.com/businessNews/view.bg?articleid=162156
http://www.airamerica.com
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