The left-leaning Air America radio network abruptly announced yesterday that it is ceasing operations and intends to file for Chapter 7 bankruptcy. Live programming came to an end at 3pm Pacific Time. The network said in a statement that it will air older, pre-recorded, programs over the weekend before going silent permanently on Monday evening.
In a letter to employees the network's chairman, Charlie Kirker, cited economic difficulties in the radio industry where, he noted, ad revenues have been "down for 10 consecutive quarters, and (were) reportedly off 21% in 2009." In San Francisco and the Bay Area Air America's programming aired on AM station KKGN.
Chapter 7 bankruptcy filings are especially serious as they are intended to liquidate, rather than reorganize, troubled companies. A San Francisco Chapter 7 bankruptcy attorney can be a crucial guide through this often stressful process. Liquidation may sound simple, but it is, in fact, often very complex. The advice of a qualified and experienced Alameda County or Contra Costa County bankruptcy and liquidation law firm can be an essential as you seek to navigate the legal system without making a failing company's problems worse than they already are.
Air America, a company that boasted a number of wealthy and prominent liberal backers (former Vice President Al Gore was involved in the network's 2004 launch), but which consistently struggled to find a niche in a crowded marketplace. Its demise is a reminder that any idea can fail to gel, despite deep-pocketed investors and good intentions.
Talking Points Memo: Air America filing for bankruptcy, ceasing live broadcasts
Politico: Air America Declaring Bankruptcy
