Air America To Declare Bankruptcy, But Progressive Radio Remains Strong 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. The right wing is sure to seize on Air Americaâs financial woes as a sign that progressive talk radio is unpopular. In fact, Air America succeeded at creating something that didnât exist: the progressive talk radio format. That format is now established and strong and will continue with or without Air America. Indeed, many of the countryâs most successful and widely-syndicated progressive talk hosts â Ed Schultz and Stephanie Miller, for instance â arenât even associated with Air America. 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 and MSS Inc. to conduct a nationwide search for the next Progressive Talk Radio Star.