Tiscali’s founder returns

Renato Soru has returned to the ailing broadband business he founded. Reportedly Soru wants to protect his 20% stake in Tiscali, and his presence is seen as essential if the Milan-based company is to have much of a chance to renegotiate its debts.

Tiscali has some €500m of debt and has suspended its repayment obligations pending renegotiation of its financial obligations. Soru returned to the company ‘s Board late last Thursday evening. He left the business in 2004.

In a formal statement, Tiscali says the talks with its bankers are “progressing well”.