Feeds

Tiscali shares suspended on titsup fears

Italian group goes cap in hand to bankers

Beginner's guide to SSL certificates

Shares in Tiscali have been suspended on the Italian stock exchange after tumbling almost 50 per cent this morning on news it failed to meet a debt repayment.

The group - whose UK ISP brands include Tiscali, Pipex, Freedom2Surf and Nildram - said over the weekend it would try to renegotiate its loan agreements. Tiscali owes banks about €500m.

The board had hoped a sale of UK assets would help meet the repayments, but a long-running auction failed to attract a buyer. Talks with BSkyB, the last remaining bidder, had become "impossible to proceed", Tiscali told investors in a statement.

Tiscali had reportedly demanded £600m for its 1.77m UK subscribers, which make it the fifth largest broadband provider behind BT, Virgin Media, Carphone Warehouse and BSkyB. The latter refused to pay more than £450m, according to unconfirmed reports.

The impasse means Tiscali executives will be forced to ask banks for more generous loan terms. Meanwhile the potential for bankruptcy and loss of internet access is likely to spook the firm's already-dwindling UK customer base. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Brit telcos warn Scots that voting Yes could lead to HEFTY bills
BT and Co: Independence vote likely to mean 'increased costs'
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
New 'Cosmos' browser surfs the net by TXT alone
No data plan? No WiFi? No worries ... except sluggish download speed
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Google+ GOING, GOING ... ? Newbie Gmailers no longer forced into mandatory ID slurp
Mountain View distances itself from lame 'network thingy'
ISPs' post-net-neutrality world is built on 'bribes' says Tim Berners-Lee
Father of the worldwide web is extremely peeved over pay-per-packet-type plans
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
Bonking with Apple has POUNDED mobe operators' wallets
... into submission. Weve squeals, ditches payment plans
Drag queens: Oh, don't be so bitchy, Facebook! Let us use our stage names
Handbags at dawn over free content ad network's ID policy
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.