UPDATE--This comment from Air America was added to the post on Think Progress:
If Air America had filed for bankruptcy every time someone rumored it to be doing so, we would have ceased to exist long ago; it may be frustrating to some that this hasn't happened. No decision has been taken to make any filing of any kind, we are not sure of the source of these rumors and frankly can not respond to every rumor in the marketplace.
Think Progress has the scoop:
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.
Good. I didn't think Springer was a good addition and I stopped listening. I will listen when Sam Seder takes over his time slot, though.
It was either O'Reilly or Limbaugh who crowed a while back about Air America's ratings sinking, etc. They'll jump all over this for sure.
However, TP notes that progressive radio remains strong.
Radio giant Clear Channel is so committed to progressive talk radio that, this week, it will announce a partnership with the Center for American Progress, Jones Radio, and MSS Inc., to conduct a nationwide search for the next Progressive Talk Radio Star.