In a statement to the Milan stock exchange this morning, Ernst & Young said it was unable to express an opinion on the communications company's 2008 accounts and could not say whether Tiscali could continue as a going concern unless it renegotiated its €500m debt, the Financial Times reports.
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Tiscali disputed the decision, citing timing differences. However, the company has been losing customers in the UK, its biggest market. It put itself up for sale more than a year ago and talks to sell the UK operation to BSkyB fell through in March.