From ThinkProgress:

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.

On the plus side, Janeane Garofalo has offered them all free Scientology detoxification programs.

Air America To Declare Bankruptcy, But Progressive Radio Remains Strong [ThinkProgress]
JANEANE VS. AUDIENCE [Radio Equalizer]

Earlier: Air America Powers Down

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