Thursday, February 5, 2009

Metro International runs out of working capital

Metro International, the world’s largest publisher of free newspapers, on Thursday announced plans for a rights offering as it unveiled it had breached its debt covenants and did not have sufficient working capital for the next twelve months.

“Due to a higher than expected downturn in the global economy and its impact on the advertising market the group was unable to meet its ambitious break-even operating result for 2008,” the company said in a statement.

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