Air America Files for Bankruptcy

The liberal radio chatshow network Air America filed for bankruptcy protection this weekend after talks with a creditor broke down.

Air America, which was set up in March 2004 to counter the country's rightwing-dominated talkshows, is seeking Chapter 11 bankruptcy. This would allow the network to continue broadcasting while it seeks to tackle its financial problems.

Last month the network, which claims to have 4 million listeners, denied reports that it was heading for bankruptcy.

But in a filing with the US bankruptcy court in New York on Friday, Air America said it had lost about $40.9m (£22m) since its launch.

"This regrettable action became necessary only recently when good faith efforts to resolve outstanding debt with a creditor from the company's earliest days broke down," a spokesperson for Air America said, without naming the creditor.

Air America's on-air talent includes the comedian and author Al Franken. It also syndicates a show by the TV host Jerry Springer.