Internet provider Tiscali said talks with BSkyB over the sale of its UK assets have ended. Tiscali said it was “de facto impossible” to proceed with the discussions because of the impact of the continuing economic downturn.

As a result, Tiscali said it would miss an interest payment on its debt as it seeks to restructure its obligations. Shares in the Italian firm declined 40% in Milan on the news before trading was subsequently suspended.

Tiscali has about E500m of outstanding debt. Its next interest payments, for E11m are due on 11 March and 13 March. The company has asked for its interest payments to be suspended for a period while it restructures its debt.

Other posts by :

1. Italy joins Germany in IRIS2 alternate thoughts
2. Kazakhstan to create museum at Yuri Gagarin launch site
3. AST SpaceMobile gets $42 or $1500 price target
4. Analyst: GEO bloodbath taking place
5. SES AGM results: Appaloosa still objecting
6. SpaceX’s Shotwell worth $1.2bn
7. SpinLaunch’s revolutionary plan for 280 satellites
8. Consolidation impacts satellite sector
9. Project Kuiper plans first satellite launch

Categories: Articles, Broadband, Business, M&A