Liberal radio network files for bankruptcy

NEW YORK, Oct. 13 (UPI) -- Air America, the liberal radio network, filed for Chapter 11 protection in federal bankruptcy court in New York Friday.

The network will remain on the air while its parent company, Piquant Inc., seeks money and reorganization under the leadership of a new chief executive, the New York Times said.

The network, which began broadcasting with much fanfare two years ago with the goal of becoming a counterweight to conservative talk radio, has struggled to attract audiences and financing. Air America is heard on about 90 radio stations nationwide and has lost more than $13 million in 2006 and $40 million since its founding, the report said.