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Air America Radio, a liberal talk and news radio network that features the comedian Al Franken, has filed for Chapter 11 bankruptcy protection, a network official told The AP.
The network had denied rumors just a month ago that it would file for bankruptcy. On Friday, Air America spokeswoman Jaime Horn told The Associated Press that the filing became necessary only recently after negotiations with a creditor from the company's early days broke down.
The filing marked the latest turbulence at the liberal talk radio network, which went on the air two years ago. This April, Danny Goldberg stepped down as CEO and was replaced by an interim chief executive from a management consulting firm.