Mobile company Jolla faces restructuring
The company developing the Sailfish Operating system and select mobile devices enters debt restructuring. Jolla will also need to temporarily layoff a substancial number of it's employees. The move comes as the investment round, ending in November, is behind schedule.
Jolla sent the the application for debt restructuring in Helsinki on Friday the 20th 2015. The company states that it aims to continue operations and the act will bridge over the current challenges. Management is acting swiftly as layoffs are already beginning in December.
Jolla was founded in 2011 and develops Sailfish OS, a Linux-based general-purpose operating system. Originally the company also created devices, but shifted to operating system developing earlier this year. According to the company the operating system is now a viable commercial option for Android and sees demand for an alternative.
Chairman of the board Antti Saarnio states: "Typically for start up companies we have faced challenges in the first four years and this is only the next big one to tackle. At this point the company must change focus from product development to sustainable growth"