The Proposal for the Restructuring Programme for Valoe Has Been Filed with North Savo District Court

Valoe Corporation        Inside Information         24 June 2024 at 21.00 (Finnish time)                                                                                                         Valoe Corporation's (”Company” or “Valoe”) administrator, Mr Pekka Jaatinen, Attorney, filed a proposal for the restructuring programme for the Company with the North Savo District Court on 24 June 2024. The objective of the restructuring programme is to restore the Company's business, maintain its...

Mikkeli, 24/06/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

Valoe Corporation        Inside Information         24 June 2024 at 21.00 (Finnish time)        

                                                

                                                
Valoe Corporation's (”Company” or “Valoe”) administrator, Mr Pekka Jaatinen, Attorney, filed a proposal for the restructuring programme for the Company with the North Savo District Court on 24 June 2024. The objective of the restructuring programme is to restore the Company's business, maintain its competitiveness in its industry and restructure the Company's debts only to the extent necessary to achieve the Company's restructuring objective.
Efforts have been made to build some flexibility into the restructuring programme by offering creditors the possibility to convert unsecured restructuring debt into shares in the Company. The remainder of the unsecured restructuring debt will be subject to a payment schedule that has been prepared in accordance with the Restructuring of Enterprises Act.

Main content of the restructuring programme proposal:

We would like to thank the Company's creditors, administrator, customers, personnel and other stakeholders for their patience and good cooperation. We believe that the solutions proposed in the restructuring programme proposal will enable us to achieve the best possible outcome for all parties involved. The restructuring, together with the cost reductions and several other operational measures already made, would improve Valoe's chances of securing long-term financing. The Company requires new financing to develop and grow its business. Valoe aims to achieve a significant position as a supplier of solar energy applications for, inter alia, vehicles and portable electronic equipment.

In Mikkeli, 24 June 2024
Valoe Corporation

Board of Directors

For more information: Iikka Savisalo
President and CEO, Valoe Corporation
Tel. +358 40 521 6082, email: iikka.savisalo@valoe.com

Distribution:
NASDAQ OMX, Helsinki
Main media
www.valoe.com

Valoe Corporation designs, manufacturers, and sells solar power application projects, especially for vehicles and electronics. Valoe's applications are based on the company's own back contact technology and IBC solar cells manufactured at the Company's cell factory in Lithuania. Valoe is headquartered in Mikkeli, Finland, with production facilities in Juva, Finland, and Vilnius, Lithuania.