Tiscali: Tiscali’s fighting chance

Tiscali has just raised more E400m of cash from a frantic series of asset disposals and an equity issue. Now it is spending E300m on capital expenditure under a new business plan. But this turn of events is less wacky than it may first seem. The Italian internet service provider wasn’t generating enough cash from its existing narrowband operations to pay down its maturing debts. Indeed, it probably couldn’t have refinanced them under its old business plan. But now that it is investing in broa...