5 replies to this topic

[News Bot]

More bad news for Tiscali today as Ernst & Young, Tiscali's auditors, dished out another blow by refusing to sign off on the accounts for year ending 2008 citing "the fundamental uncertainties on business continuity". They reported that the group's future was dependent on the successful conclusion of debt negotiations with its banks.

Tiscali put themselves up for sale last year to try and raise capital to cover costs of impending debt repayments however due to the decline of the economy, have not been able to find a party willing to pay its high price. The latest offer from BSkyB of around £350 million for the UK arm falls far short of the £600 million the company was originally expecting.
[indent]"The company, in disagreement with the conclusion drawn by the audit report, believes that it has co-operated at best and that it has provided all the information necessary to enable the independent auditors to issue an audit opinion on its 2008 financial statements.

"In particular, with regard to the process of debt negotiation, the company underlines that it has already obtained a period of standstill from the lending banks until June 2009."
Tiscali Statement
[/indent]The news will likely be of concern to Tiscali's debtors who may be looking to limit the damage. Tiscali can appoint new auditors but they may well come to the same conclusions.

News Source: ThinkBroadband.com

View the full article

[SpencerUk]

this ship is slowly sinking

[Ashley]

Its certainly starting to look like it!

[JackDinn]

ahh well, my parents are on Tiscali , i was consulted and strongly advised them not to go with them but they was temped by the price and said "ahh we dont use the net much anyhow" so i said well on your head be it. i was around there the other day and noticed there speed is 800Kb/s dl max and they are paying for 8Mb/s they sync at 4Mb/s but what the hay if thats what they wanted. still does mean that if Tiscali go down im guna have to go through all the crap finding them a new isp (dread on my face at the thought) but maybe they will take my advise this time and not just look at the price and talk to the sales man over the phone

[SpencerUk]

If your parents dont use it as much, its all about price at the end of the day

[Ashley]

But saying that, there are plenty other ISP's combining products at a cheap price.

Look at Sky, Post Office, BT (not that they're cheap) and Virgin Media.

Thinking about it, who owns Post Office Broadband, or what network do they use?