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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (26322)	2/26/2010 10:00:48 AM
From: Hope Praytochange	1 Recommendation Respond to of 103300

Air America Media LLC has filed for bankruptcy, the second time in a little more than three years, and this time the liberal radio network will wind down its business and go off the air for good. The Wednesday filing was expected and comes just a couple of weeks after Air America announced that it planned to cease operations and liquidate under Chapter 7 of the U.S. Bankruptcy Code. In a letter to Air America's staff, Chairman Charlie Kireker explained that the network was making the move because a "very difficult economic environment" had affected its business. And although Air America had come close to getting new investors, it fell short. Air America launched in April 2004 and carried well-known personalities such as comedian Al Franken, now a Democratic senator from Minnesota, and then- unknown Rachel Maddow, who now hosts a prime-time show on cable-news channel MSNBC. But Air America has struggled ever since, filing for bankruptcy reorganization in 2006. Air America isn't the only media company that has been hurt by a downturn in the U.S. economy. "This past year has seen a 'perfect storm' in the media industry generally," Kireker said, noting that a drop in advertising revenues has spurred many media companies nationwide to fold or file for bankruptcy like Citadel Broadcasting Corp. (CTDB:$0.032,0$0.000,00.00%) and trade publication Radio & Records. Air America listed having $1.5 million in assets and $17.2 million in debt in its bankruptcy petition filed Wednesday with the U.S. Bankruptcy Court in Manhattan. Judge James M. Peck has been assigned to handle the Chapter 7 proceedings. The case number is 10-10615. (Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.) -By Kristina Doss, Dow Jones Daily Bankruptcy Review; 202-862-1344; kristina.doss@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=3CA7nGHkXXgBSMEavifO%2Bg%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires 02-04-100905ET Copyright (c) 2010 Dow Jones & Company, Inc.