Air America files for bankruptcy

Liberal talk radio network Air America is planning to file for Chapter 7 bankruptcy, the company said yesterday.

"The very difficult economic environment has had a significant impact on Air America's business," according to a statement on the network's Web site. It cited a "perfect storm" in the media industry and plummeting advertising revenues.

The statement went on to say that the company's debt was piling up as its credit lines shrank.

As of 6 p.m. ET yesterday, Air America began broadcasting "encore programming" that will run though Jan. 25 and then cease to air. Current employees were paid through Thursday, and severance packages will be offered today to full-time employees with more than six months of tenure.

Formerly known as Air America Radio, the network launched in 2004 with personalities including Rachel Maddow and Al Franken, now a Democratic U.S. senator from Minnesota.

(Via CNN Money)

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