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Short Take: Net media company seeks bankruptcy protection

Online media company Audiohighway.com says it has filed for bankruptcy protection because it was unable to attract additional funding or a strategic partner to maintain normal operations. The Cupertino, Calif.-based company, which offers free audio content, filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of California in San Jose, Calif. In November, Audiohighway laid off 21 of its 30 employees.

Online media company Audiohighway.com says it has filed for bankruptcy protection because it was unable to attract additional funding or a strategic partner to maintain normal operations. The Cupertino, Calif.-based company, which offers free audio content, filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of California in San Jose, Calif. In November, Audiohighway laid off 21 of its 30 employees.