Tiscali begins debt negotiations

11 Mar 2009

Troubled Italian/UK ISP Tiscali has revealed that it has begun the process of renegotiating its financial debt with key lenders, Dow Jones reports. Tiscali share values plummeted on Monday after the firm announced that it had suspended payments on its long-term debts after talks to sell its UK operations to BSkyB had stalled, though there was a recovery on Tuesday. The firm says it will have to carry out a restructuring of its businesses to implement a new strategy plan and negotiate with lenders to guarantee its ‘long-term financial equilibrium’. Tiscali continues to operate its UK and Italian internet services as normal, with customers so far unaffected by the corporate troubles.

Italy, Tiscali, Tiscali UK