Air America, the financially troubled liberal radio network, has filed for Chapter 11 bankruptcy protection.
A spokeswoman for the network says that programming will continue thanks to a loan from Democracy Allies LLC.
"The Management and the Board of Directors remain fully committed to broadcasting our popular programs and championing the progressive cause during what we are confident will be a very brief restructuring period," said Air America in a statement.
The network launched in March 2004 with a pledge that President Bush was "going down in November," with satirist and host Al Franken calling it a "progressive" antidote to conservative talk radio.
The president instead won, and the network has struggled to find an audience.
According to the New york-based Air America, it produces 19 hours of programming a day for 92 affiliates reaching 58% of the country.