Air America Watch: Air America to Declare Bankruptcy?

Think Progress (Via Allah) is reporting that Air America Radio will file for bankruptcy protection on Friday.

Air America Radio will announce a major restructuring on Friday, which is expected to include a bankruptcy filing, three independent sources have told ThinkProgress.

Air America could remain on the air under the deal, but significant personnel changes are already in the works. Sources say five Air America employees were laid off yesterday and were told there would be no severance without capital infusion or bankruptcy. Also, Air America has ended its relationship with host Jerry Springer.

No mention on the Air America site.

This is a surprise?

The marketplace has spoken.

MM has the updated story: Air America: The end

800pm Eastern update. Brian Maloney writes:

What our own sources are telling the Radio Equalizer is that two potential buyers have recently been looking to scoop up Air America’s assets. But internal board squabbling has created a disunited front, with some members looking to hand the network back to eccentric co- founder (and Huffington Post contributor) Sheldon Drobny, while the rest shop for buyers.Jon Sinton, a former Air America and Clear Channel Radio executive, is said to be leading the effort to seek a purchaser.

Drobny, meanwhile, has been scrambling to figure out a way to retake the network and intends to rehire former COO Carl Ginsburg if he is successful…

…If Air America isn’t able to continue its programming, it opens the door for new feminist talk radio network GreenStone Media to take over some, or perhaps many, of its stations. As we’ve reported exclusively, GreenStone, founded by Jane Fonda and Gloria Steinem, has gradually begun to take over Air America’s physical operations in New York City…

…What’s next for Air America? That isn’t clear, but what is known from our end is that the most explosive stories on what has gone on behind the scenes have yet to be written. Watch for them here.

Al Franken hasn’t been paid in some time, reports left-leaning Radar Online:

Is Air America Radio filing for bankruptcy on Friday? That’s what Think Progress, citing three sources, reported today. Calls to Air America executives weren’t returned, but star talk-show host Al Franken confirms that, once again, the troubled network is facing a serious cash crunch.”I don’t know if that’s true or not,” Franken tells Radar when asked about the bankruptcy report. “We do know that there have been cash-flow problems. I haven’t been paid in a while. Like, there’s no cash flowing to me.”