Tiscali 2008 Annual Report Download - page 41
Download and view the complete annual report
Please find page 41 of the 2008 Tiscali annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31 -
32 -
33 -
34 -
35 -
36 -
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
 |
 |
d) the definition of the new Business Plan, whose guidelines
were approved by the Board of Directors on 27 March;
e) the definition of the financial manoeuvre aimed at
rendering the Tiscali Group’s financial debt compatible
with the related income-related and financial prospects,
also in light of the matters envisaged in the guidelines of
the Business Plan;
f) the launch of negotiation for the definition of an agreement
with the financial institutions, aimed at restructuring the
Group’s financial debt. The Board of Directors discloses
that negotiations have been started with the afore-
mentioned institutes for the definition of a new structure
of the debt on a consistent basis with the expected cash
flows;
g) the definition of agreements with the main suppliers so
as to ensure the regular continuation of operating activities;
in this connection, the Directors have disclosed that the
Group’s business activities in Italy and the UK are
proceeding on a regular basis vis-à-vis the customers and
the suppliers.
Final assessment of the Board of Directors
In light of the above comments, the Board of Directors believes
that as things stand, reasonable probability exists of being able
to achieve the restructuring of the Tiscali Group’s financial debt
on a consistent basis with the cash flows and suitable for
supporting the new Business Plan.
As a point of fact, the attention and interest demonstrated by
the financial institutions in relation to the Company, the signing
of a waiver and standstill agreement (with the aim of permitting
the finalization of the restructuring agreement), the willingness
to extend the standstill period until 31 December 2009
expressed, the start of negotiations, and the fact that both the
Business Plan and the related Financial Plan have been
prepared in accordance with maximum prudence and
seriousness, converge in the sense of the afore-mentioned
positive assessment made by this Board.
In light of the above, the business continuity is therefore
considered to exist, since this Board believes that as things
stand there is reasonable probability of finalizing an agreement
with the financial institutions.
Milan, Italy, 27 March 2009
The Chief Executive Officer The Executive appointed to draw up
the Company accounting documents
Mario Rosso Romano Fischetti
REPORT ON OPERATIONS
40