Now that H1/2026 has been published, I’d like to return to the Genano question.
In its half-year report, Pallas Air states that its liquidity is weak. Genano Group Oy’s €1.8 million loan has matured, and the company notes that a failure to restructure matured loans could jeopardize the adequacy of its working capital for the next 12 months.
At the same time, the group’s cash assets were a mere €287 thousand, net debt stood at €8.6 million, and the equity ratio was -229.5%.
At this point, I believe the question is no longer just whether Pallas Air will secure new financing, but also:
how did we end up in this situation?
In 2023, the Genano transaction was estimated to remove acute financing risk and strengthen the group. Now, Genano Group’s matured €1.8 million loan is part of the very financial problem that the company itself highlights when assessing business continuity.
That is why I feel the question remains highly relevant:
What actually transferred from Genano to Lifa Air in 2023—assets, liabilities, cash flows, and future contractual obligations—and how were these valued and recorded?
I am still particularly interested in the treatment of deferred revenues related to multi-year maintenance agreements and their corresponding future obligations.
In my view, the half-year report does not make this question any less relevant.
Quite the contrary.