A tight spot

Tiscali, the Italian broadband provider, has taken another hit. Auditors for the debt-mired company won’t sign off the 2008 accounts. Ernst & Young says it doubts whether this is a going concern. With Tiscali’s lenders seemingly lukewarm about refinancing, Tiscali may have to turn to spurned suitors BSkyB and Carphone Warehouse. Tiscali’s market capitalisation is now one-sixth of the E1.5bn originally thought to be desired by founder Renato Soru. Overly high expectations, a badly managed auction...