I looked at the Finnish debt restructuring legislation.

A debt restructuring filing can be rejected by the court for any of the following reasons:
- the company is insolvent and it is probable that solvency cannot be returned by a debt restructuring or solvency can be returned only temporarily
- the company has not enough funds to cover the cost of the debt restructuring and no-one else commits to cover the costs
- it is probable that the company is not able to pay back new debt gained after the restructuring has started

If the court grants debt restructuring, an administrator will be appointed and he has 4 months to draft a debt restructuring program proposal. The proposal will be presented to the creditors to be accepted or rejected. If more than half of the creditors accept the proposal, it can be implemented (the actual rules are more complex).

It is very possible that Jolla does not meet the conditions for a debt restructuring, in which case Jolla would go bankrupt.

The relevant legislation is here
http://www.finlex.fi/fi/laki/ajantasa/1993/19930047