Air America Tells Affils It Has Letter Of Intent From Unnamed Buyer
December 15, 2006 at 3:48 PM (PT)
ALL ACCESS hears that AIR AMERICA RADIO affiliates have been informed that an official letter of intent has been signed by a potential buyer.
An e-mail to affiliates says that the network cannot name the interested party "due to the sensitive nature of this deal" and that "as soon as we are able to provide you with an update and more specifics, we will do so."
The network filed for Chapter 11 bankruptcy in OCTOBER and has been searching for a buyer since then under extensions of a bankruptcy court deadline.