Sweden's Stampen media group to restructure amid high debt

STOCKHOLM (AP) — Swedish media group Stampen says it's filing to restructure the company after struggling with debt.

CEO Martin Alsander says the newspaper publisher is "moving in the right direction," but that debt remains excessive with insufficient cash flow so that it's unable to fulfill all "its financial obligations."

Since an April 2014 revamp, the company has streamlined operations, cut costs and disposed of 10 companies, managing to reduce debt by 500 million kronor ($60 million).

Stampen publishes six dailies and eight free newspapers, mostly based in western Sweden, and has digital media operations. With 3,000 employees, it claims to daily reach 75 percent of all households and 2 million people online, in newspapers and television in the Scandinavian country of 9.8 million.

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