[IRCA] Air America files Chapter 11 bankruptcy

["Bill Harms" <wharms@xxxxxxxxxxxxxx>]

http://www.breitbart.com/news/2006/10/13/D8KNQMG84.html

 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 America 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." 

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