Software program firm Jolla is looked for company restructuring – desires to do away with Russian homeowners – Muricas News

A software program firm Jolla is being utilized for firm restructuring. Regulation corporations Castrén & Snellman and Borenius, that are among the many firm’s collectors, are making use of for reorganization of the corporate, which operates primarily in Tampere.

In keeping with the paperwork submitted to the Pirkanmaa district court docket at first of June, Jo owes the regulation corporations a complete of round 140,000 euros. In keeping with the restructuring utility, the corporate’s largest collectors are Votron, the State Treasury, the employment pension firm Elo and the Tax Administration.

In keeping with the appliance, Jolla is bancrupt. Primarily based on final 12 months’s preliminary monetary statements, the corporate’s belongings are roughly EUR 4.1 million, and the money owed to be taken into consideration within the restructuring utility are EUR 12.5 million.

The regulation corporations making use of for restructuring think about that with out company restructuring, Jolla would go bankrupt.

The corporate it's identified that the appliance for restructuring additionally applies for a change within the firm’s possession construction. In keeping with the appliance, Rostelecom, which is partially owned by the Russian state, presently not directly owns roughly 30 % of Jolla’s shares.

In 2018, Rostelecom introduced that it had purchased 75 % of the shares within the Open Cellular Platform firm and Votron, one in all Jolla’s largest collectors, and thus obtained a controlling stake within the working system developer Sailfish Cellular OS RUS.

Jolla is called the developer of the Sailfish OS cell working system. In keeping with the restructuring utility, the corporate licensed the working system to be used by Rostelecom in 2016, and with the assistance of the license, the Russian firm has developed an working system referred to as Aurora OS, which is used, for instance, within the Russian state administration.

Russian After the struggle of aggression began in Ukraine, the corporate has mentioned that it desires to do away with its Russian homeowners.

In keeping with the restructuring utility, Jolla bumped into vital monetary difficulties on account of the struggle, and needed to cease doing enterprise in Russia.

In keeping with the appliance, the Russian possession has develop into an impediment for the corporate’s enterprise in different markets, and the corporate’s clients within the automotive trade specifically think about its possession construction problematic. In keeping with the appliance, it will considerably scale back the corporate’s turnover within the present 12 months.

Within the preliminary monetary statements connected to the company restructuring utility, Jolla says that he has tried unsuccessfully for a number of years to scale back or take away Russian possession from the corporate’s possession construction.

In keeping with the monetary statements, Rostelecom has already introduced within the spring of 2022 that it is able to promote its holdings in Jolla, and to show this, it has resigned from the corporate’s board.

In keeping with the reorganization utility, solely the corporate’s CEO presently sits on Jolla’s board Sami Pienimäki and a Russian investor Boris Krasnovsky.

Nokian Jolla, based in 2011 to develop the deserted Meego working system utilized for company restructuring additionally from the tip of 2015.

Nearly half a 12 months later, it informed having acquired further funding and that he canceled his restructuring. The corporate admitted that a part of the funding got here from Russia, however didn't need to say extra concerning the funder.

In keeping with the restructuring utility, gross sales to Russia generated as much as 60-90 % of the corporate’s turnover between 2016 and 2021.

In keeping with the appliance, Jolla signed a multi-year licensing settlement with the Hong Kong firm Chinastone in 2021, and is focusing on the Chinese language market with the settlement.

In keeping with the corporate, the settlement will generate vital license charges for it within the subsequent few years.