Metro International, the Swedish publisher of 25 free dailies in 16 different countries (Chile, U.S. and Spain among them), raised US $32 million in a share sale on June 10th. In order to avoid running out of cash, the company converted another US $146 million of debt into equity. Metro publishes free dailies in Boston, Philadelphia, Santiago de Chile, Madrid and Barcelona. Metro International, after expanding throughout Europe and into markets as distant as the U.S., Canada and Chile has slowed new launches in order to focus on becoming profitable and solving its financial woes.
Metro obtains needed cash injection