Metro International is running low or may be out of working funds as evidenced by its call for a special shareholders meeting on February 24, followthemedia.com reported Wednesday.

At the meeting, Metro will ask shareholders to "to authorise a (US)$65 million rights issue."

Metro's difficulties stem from its free dailies relying solely on advertising, a sector that has struggled in the economic recession. Previously the Luxembourg-based Swedish company was held up as a poster child for success in print, but recent struggles show that free newspapers are not immune to the financial downturn, followthemedia.com reports.

Piet Bakker, a foremost expert on free newspapers interviewed by followthemedia, reported earlier this month that Metro closed its operations in Spain.