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NokiaFanatic is offline NokiaFanatic
2015-11-20 , 14:46
Posts: 337 | Thanked: 891 times | Joined on Jul 2012 @ Royaume Uni.
#1
I thought it would be best to create a new thread rather than use existing threads not related to the troubles Jolla are having.

Jolla have just released this statement - it's very distressing.

http://jolla.com/wp-content/uploads/...5_FINAL_61.pdf

Jolla’s financing round delayed - files for debt restructuring
Helsinki, Finland, October 20, 2015 - - Jolla Ltd, the mobile company from Finland
today announced that its latest financing round which aimed to end in November,
has been postponed and the company needs to adjust its operations accordingly.
At the same time the company has filed for a debt restructuring program in Finland,
to ensure the continuity of its business. Jolla will also temporarily lay off a big part
of its personnel.
The mobile company Jolla Ltd. was founded four years ago with a vision to change the
mobile world. This journey, cited by many to be ‘an impossible task’, has featured many
ups and downs including developing Sailfish OS, an own mobile operating system,
launching internationally two mobile devices, and raising 50M USD to finance the
operation.
Last autumn, Sailfish OS reached commercial maturity and now the company is ready to
licence it to commercial partners. Sailfish OS has a lot to offer to its customers: for device
manufacturers it offers an independent platform to build truly differentiated consumer
offerings; and for security companies, the platform offers an ability to build secure
solutions. Jolla’s aim is to offer Sailfish OS to different partners who want a tailored
operating system to support their own businesses.
Antti Saarnio, Chairman and Co-founder of Jolla comments: “Typically for start-ups Jolla
has gone through several death valleys along its four year journey. We’ve fought them
through and now we are facing again a great challenge. Our operating system Sailfish OS
is in great shape currently and it is commercially ready. Unfortunately the development
until this point has required quite a lot of time and money. To get out of this death valley
we need to move from a development phase into a growth phase. At the same time we
need to adapt our cost levels to the new situation. One of the main actions is to tailor the
operating system to fit the needs of different clients. We have several major and smaller
potential clients who are interested in using Sailfish OS in their projects.”
Jolla has today filed for the debt restructuring program in Helsinki. With this the company
aims secure the future of its business and to get more time to arrange the future financing
of the company.
Antti Saarnio continues: ”In Finland we have very good laws for corporate restructuring.
These enable the continuation of businesses through debt restructuring, which gives a
company more time to take care of its financial liabilities. I believe that through this
program Jolla can turn its business to be profitable in the future. Sailfish OS is a very
valuable asset and worth fighting for.”
 

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alfredquack is offline alfredquack
2015-11-20 , 14:52
Posts: 65 | Thanked: 110 times | Joined on Jun 2015 @ Berlin
#2
well then let's see what those finish laws can do!
 

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dirkvl is offline dirkvl
2015-11-20 , 14:56
Posts: 1,104 | Thanked: 5,652 times | Joined on Feb 2010 @ Holland
#3
go finland!

 

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javispedro is offline javispedro
2015-11-20 , 15:00
Posts: 2,355 | Thanked: 5,249 times | Joined on Jan 2009 @ Barcelona
#4
Where is your our god now?!
 

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JoOppen is offline JoOppen
2015-11-20 , 15:26
Posts: 101 | Thanked: 381 times | Joined on Aug 2010
#5
Originally Posted by alfredquack View Post
well then let's see what those finish laws can do!
I don't know whether I like finish laws or not. It sounds very final to me. I'd rather have finnish laws applied ....

(Sorry for this - I could not resist)
 

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pichlo is offline pichlo
2015-11-20 , 15:36
Posts: 6,453 | Thanked: 20,983 times | Joined on Sep 2012 @ UK
#6
Originally Posted by JoOppen View Post
I'd rather have finnish laws applied ....
Since we are picking up on details, would you not rather have Finnish laws applied?
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JoOppen is offline JoOppen
2015-11-20 , 15:56
Posts: 101 | Thanked: 381 times | Joined on Aug 2010
#7
Originally Posted by pichlo View Post
Since we are picking up on details, would you not rather have Finnish laws applied?
Yes, you got me!
 

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alfredquack is offline alfredquack
2015-11-20 , 16:00
Posts: 65 | Thanked: 110 times | Joined on Jun 2015 @ Berlin
#8
spelled on my tohkbd - those damned keys!

couldn't resist to blame it to someone else
 

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Dave999 is offline Dave999
2015-11-20 , 17:05
Posts: 7,075 | Thanked: 9,073 times | Joined on Oct 2009 @ Moon! It's not the East or the West side... it's the Dark Side
#9
Originally Posted by dirkvl View Post
go finland!

https://media.giphy.com/media/Z5oWOGWYDwa1G/giphy.gif
I hope its jolla Management on the image. They need some punishment for their useless and weak behavior. There is no excuse for hiding the truth.
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Last edited by Dave999; 2015-11-20 at 17:11.
 
bluefoot is offline bluefoot
2015-11-20 , 17:09
Posts: 338 | Thanked: 496 times | Joined on Oct 2010
#10
Like I said a few months ago, it was obvious that the split in the business was to restructure debt and write down losses.

Doubt they survive this, and honestly hope they don't. They've made such a miserably poor fist of almost everything. Perhaps someone else can do more with the assets (if they're sold or released) than they have proved able or capable of doing. Besides, it's bad for Linux and alt(mobile).OSes to have another failure - particularly one that hangs around for too long and sucks in more (naive) VC.

I was always doubtful that anything would materialise from the Intex announcement; there are very good reasons why no-one else has been willing to partner with them or license SF. I think it's now heavily odds against that we'll see an Intex device ... unless they somehow come out of this restructuring leaner, meaner and with some kind of direction.

Also, if they aren't to fold, surely Saarnio has to go. He's overseen failure after failure, and this year, pretty much calamity. I don't see how they can raise another round of finance with him at the helm.
Last edited by bluefoot; 2015-11-20 at 17:14.
 

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