Air America Files for Bankruptcy

Radio news from the USA

Postby Glen Livingstone » Fri Oct 13, 2006 8:48 am

Air America Radio Files For Bankruptcy

Provided By: The Associated Press
Last Modified: 10/13/2006 11:11:09 AM


By SETH SUTEL
AP Business Writer

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. 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 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 Jerry Springer.

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.

Air American also said Friday it had named Scott Elberg as its new CEO. Elberg, a former general manager of the radio station WLIB in New York, has been with the network since May of last year.

The filing marked the latest turbulence at the liberal talk radio network, which went on the air two years ago. This April, Danny Goldberg stepped down as CEO and was replaced by an interim chief executive from a management consulting firm.

?Nobody likes filing for bankruptcy,? Elberg said in a statement. ?However, this move will enable us to concentrate on informing and entertaining our audience during the coming months.?
User avatar
Glen Livingstone
Advanced Member
 
Posts: 948
Joined: Sun May 07, 2006 8:12 pm

Return to US Radio News

Who is online

Users browsing this forum: No registered users and 85 guests