Per "Think Progress" >>
http://thinkprogress.org /
UPDATE: Air America responds
If Air America had filed for bankruptcy every time someone rumored it to be doing so, we would have ceased to exist long ago; it may be frustrating to some that this hasn’t happened.
No decision has been taken to make any filing of any kind, we are not sure of the source of these rumors and frankly can not respond to every rumor in the marketplace.
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I hope that they are OK.
But if they ever do file a Chapt 11 bankruptcy filing it would allow them to end the XM
contract that - I am told - brings them too little.
A Chapter 11 bankruptcy filing (which not a going out of business filing - it is just a financial restructuring)does mean economic problems exist at AAR but perhaps getting out from under XM's rummored bad contract would a good move.
The Air America Radio statement does not say they will not file on Friday - but it seems to read as a strong denial of a problem.
The only certain thing is that Air America would remain on the air after the Chapter 11 bankruptcy, if there is one (our Airlines not remained in Chapter 11 bankruptcy for years at a time over the past few decades).
In any case half of the local progressive radio lineup is not only Air America - much of it is from Jones Network such as Stephanie Miller for 3 hours, who beats just about everyone in many cities -such as LA where she is only behind her "stablemate" Bill Handel, and 3 hours of Ed Schultz who wipes out the right in head-to-head time slots, beating Sean Hannity in Seattle, Portland, San Diego, Phoenix, Denver, Miami and others! And Rhandi Rhodes remains number one in South Florida so she would still be available from her original Florida station.
Could Air America use some radio executive input via a high hire to replace the current CEO (who is a former cosmetics industry person)? Perhaps they should advertise more? I have no idea.
But I do believe that As a content provider they are good enough, in my opinion, to never fear a bankruptcy.