Tiscali in trouble?

Italy's Tiscali, a company which was once one of the largest ISPs in Europe, but is more recently known for its struggles in the IPTV market, acknowledged in a statement that its auditor, Ernst & Young, refused to sign off on Tiscali's 2008 results because of "fundamental uncertainties on the business continuity," having to to with its ongoing debt re-negotiation process.

Tiscali said in the statement that it disagreed with the report. The company said at the end of 2008 that it was shutting down its IPTV service in Italy because of poor acceptance, and more recently reported about 100,000 IPTV customers in its U.K. market, far less than anticipated.

For more:
- The New York Times has this coverage

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Tiscali had about 100,000 IPTV customers in the U.K. at the end of 2008
Tiscali was rumored to be an acquisition target at this time last year

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