Based on my observations of AAR from the beginning and listening to most of the programming from the beginning, I think that restructuring and bankruptcy filing will be a good thing for AAR.
AAR is essentially a network, which doesn't own stations itself, but relies on local stations to carry its programming. National advertising is expensive for advertisers, and most of the advertising on the local stations is sold locally. A lot of XM advertising is generated by XM (again it's that national thing that is expensive).
I've always considered that many of the advertisers are "bottom feeders" who are akin to spam on the Internet. I suspect that many of them advertise on the conservative talk stations also.
The left blogosphere has done a much better job of attracting left advertising but it's probably related to the price.
At any rate, the new AAR lineup that is coming will probably work better on many stations. If we could just find out who will be on in the evening slots. . .
Crossposted at as a comment on Daily KOS on the Blog.