Air America To Remain On Air, For Now

Law360, New York (October 18, 2006, 12:00 AM EDT) -- Although it recently filed for Chapter 11, Air America Radio LLC will remain on air after winning interim court approval to tap up to $900,000 of a proposed $2.6 million loan.

Bankruptcy Judge Robert D. Drain signed the order for a debtor-in-possession loan on an interim basis at a hearing on Friday in Manhattan, thus allowing parent company Piquant LLC to continue operating the channel while it tries to sell its assets under Chapter 11 protection.

The court will consider the approval of the full $2.6...
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