They may have the strength, but not necessarily the ability to run even a hot dog stand in Juva.
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I don’t know what is required to enter a restructuring procedure, but just thinking with some urban common sense, a company should have some kind of proof that the business could be profitable, and Valoe has none to show… loss-making throughout its history, and the company’s main business has been financing the major owners by printing shares… why Jaatinen (presumably a Savonian) then deemed that the conditions for restructuring were met is unclear (perhaps he sees this as a cash cow, just like the major owners?).
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Pauli’s advance comments as the company reports its Q4 results on Wednesday. 
Valoe reports its results for Q4 2023 on Wednesday, March 27. Valoe’s financial situation reached a crisis point at the end of 2023, so resources for operational activities and sales promotion are currently scarce. We expect the Q4 result to have been clearly loss-making.
@Pauli_Lohi has written a new company report on Valoe. 
The Q4 report showed that Valoe’s operational activity has decreased amidst financing challenges. Entering and passing the restructuring program are dependent on the availability of new external financing, for which we have no visibility.
https://www.inderes.fi/research/nakyvyys-liiketoiminnan-jatkuvuuteen-heikko
EDIT:
Here are the comments as well.
https://www.inderes.fi/analyst-comments/valoe-q4-nakyvyys-liiketoiminnan-jatkuvuuteen-heikko
It seems that at least short-term money is being found to keep the game going:
“Valoe’s financing for the duration of the corporate restructuring proceedings has been secured. The company is actively conducting negotiations regarding long-term financing and ownership arrangements with several parties.”
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@Pauli_Lohi has published a new company report on Valoe.
The Q1 report from Valoe, which develops integrated solar technology for sectors such as the automotive industry, did not reveal any new information that would have changed our view of the company’s current challenging situation. The company needs funding to pass its restructuring program and continue business operations. The company has ongoing financing negotiations, but for an outsider, visibility regarding the availability of funding is poor and the threat of bankruptcy exists. We reiterate our sell recommendation (no target price).
https://www.inderes.fi/research/valoe-q124-ei-merkittavia-muutoksia-yhtion-tilanteessa
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Valoe’s largest shareholder (31.12.2023 listing), Savcor Technologies Oy, was declared bankrupt on 27 May. If the stock opens for trading again, a stake of just under five percent will be available.
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The intention was to carry out assembly in Juva, but now Valoe is forced to leave the premises. The cell factory in Lithuania still remains.
The submission of the restructuring program has been postponed several times. It seems to be difficult.
Behind a paywall.
Highlights:
- lease agreement has ended
- rent unpaid for 1.5 years
- the municipality of Juva is a partial owner of the property and does not believe the rent will be paid
- the deadline for submitting the restructuring program is June 24th
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Today is the last day to submit the restructuring program. I somehow guessed we wouldn’t hear anything during the day today. Maybe late tonight? Let’s hope for the best anyway.
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And there’s the announcement. Valoen saneerausohjelmaehdotus on jätetty Pohjois-Savon käräjäoikeuteen - Inderes
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Here are Tommi’s comments on the restructuring proposal.
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They want to cut unsecured debts by 90% even if they are converted into shares.
Consequently, out of a 100,000 euro loan, 10,000 euros would remain; would these 10,000 euros then be converted at the latest share price, which was 0.926 EUR (??)?
the restructuring (saneeraus) needs to go perfectly so that in the first trade after the market opens, the latest price isn’t immediately and instantly slashed by 90%.
Despite the -90,000 euro loss, I would still take the risk by choosing the haircut without the share conversion, so that at some point later, a sweet opportunity might open up to convert it into shares at a price of even just €0.01 each, which would put a million shares in the portfolio.
What happens if some stubborn unsecured creditor says that this isn’t acceptable to them—that it’s either everything as previously agreed or nothing?
Valoe Oyj Inside Information 17 July 2024 at 14:40
Ilmarinen Mutual Pension Insurance Company is filing for bankruptcy against Valoe Plc. The claim according to the bankruptcy petition is approximately 22,000 euros. Valoe believes it will be able to pay the creditor’s receivable and that the corporate restructuring proceedings will continue.
Mikkeli, 17 July 2024
Valoe Oyj
BOARD OF DIRECTORS
https://www.inderes.fi/releases/velkoja-hakee-valoeta-konkurssiin
If Alokas were a stock:
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“The company owes 13,000 euros to the following analysis house, Inderes. Valoe has previously been listed on Inderes’ website as a corporate client of Inderes, i.e., a company that pays for analysis services.” Inderes’ recommendation: PAY YOUR DEBTS
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Solar technology company Valoe announces that it has paid its debt to Ilmarinen Mutual Pension Insurance Company.
As a result of the debt payment, Ilmarinen has withdrawn Valoe’s bankruptcy petition. Valoe’s restructuring proceedings will continue.
On July 17, Valoe announced that Ilmarinen was filing for the company’s bankruptcy. At that time, it was stated that Valoe owed Ilmarinen approximately 22,000 euros.
The show must go on..
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Yeah, this was good news. If they were going to throw in the towel for good tomorrow, they hardly would have paid that 22,000 euros today. This case requires a fair bit of that famous patience.
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Yeah, a lot of patience is needed, and it’s absolutely incomprehensible that this pyramid scheme is allowed to continue, if it is… the saying fits here (imo): “if you steal a little, you go to jail, but if you steal a lot, they make you a king” 
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Valoe issued a release stating that they are postponing the publication of the Q2 interim report. According to the company, the completion of the report is delayed due to restructuring proceedings. The Q2 report is now scheduled for publication on Monday, September 30, 2024 (the original date was Thursday, August 29, i.e., tomorrow).
We have no specific reason to assume that the business progressed in a more favorable direction during Q2. The weak financing situation and personnel layoffs have likely hindered the development of even existing customer relationships. The primary focus is on the restructuring, where in a favorable scenario, a significant portion of the debt could be cut and new capital could be brought into the company. Of course, new capital (e.g., in the form of a share issue or a convertible bond) could, in our assessment, significantly dilute existing shareholders.
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Pauli’s comments on the new bankruptcy application.
“The bankruptcy application reported now was the third within a year”
Ilmarinen, the Tax Administration, and Kiinteistö Oy Juvan Tenhusentie 3 applied for Valoe’s bankruptcy in December 2023. Ilmarinen filed for Valoe’s bankruptcy due to mass debts in July 2024, and Basso also filed for Valoe’s bankruptcy in July. And if the “new” bankruptcy application currently being reported is something other than the application made by Basso in July, then there are already 6 applications in total. (though I suspect there isn’t a new application from Basso, but rather that there is a bit of a delay and some room for interpretation in the news and press releases.)