The AP is reporting that liberal talk radio network Air America has finally filed bankruptcy. Most people who have been watching this have no idea how they avoided doing it earlier.
The network had denied rumors just a month ago that it would file for bankruptcy, but on Friday Air America said negotiations with a creditor from the company's early days had broken down.
The network will stay on the air while it resolves issues with its creditors, spokeswoman Jaime Horn told the Associated Press. A formal announcement was expected to be made later Friday.
My prediction: They will not emerge from bankruptcy. They have been a money pit since they went on the air.
UPDATE: The Smoking Gun has the bankruptcy filing. This is what you would call a financial disaster. About 5:1 debt to asset ratio.