CHICAGO: The parent of Air America Radio, plagued by management and financial problems since its inception two years ago, has filed for Chapter 11 bankruptcy protection after losing $40.9 million (€32.6m; £22m) since May 2004.
The privately-owned, politically liberal network will stay on air as Piquant LLC negotiates with creditors.
Air America made headlines when it was founded, declaring itself to be a response to radio's many conservative voices.
Says Michael Harrison, publisher of a talk-radio industry magazine: "By running such a poor business they did a disservice to liberal talk radio by making it seem like the problem was that they were liberal. Before you change the world, make sure you pay your bills."
Data sourced from Wall Street Journal Online; additional content by WARC staff