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.
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.
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