By Camilla Palladino
www.breakingviews.com
Tiscali's investors have recovered some of their former optimism. The beleaguered Italian internet service provider's share price rose over 20% in September, after fears of a liquidity crunch rocked it earlier in the year.
This enthusiasm looks premature. Tiscali still needs to redeem a €250 million bond next year, and it cannot afford to do this out of its cashflows. And an asset disposal programme, which it pinned its hopes on after the low share price precluded a capital increase, has so far yielded disappointing results.
Granted, the group has sold several assets – including its...
