Why won't the android emulator start?

Question

Android

Or more precisely, it freezes on the loading screen.
When you turn on logcat'a, a bunch of messages are issued that it is impossible to create directories or that some files were not found.

$ ./adb shell logcat | grep "E/"
E/logwrapper(  921): executing /system/bin/e2fsck failed: No such file or directory
E/cutils  (  933): Failed to read /data/.layout_version: No such file or directory
E/installd(  933): Could not create directories; exiting.
E/keystore(  934): chdir: /data/misc/keystore: No such file or directory
E/SurfaceFlinger(  929): hwcomposer module not found
E/cutils  ( 1006): Failed to read /data/.layout_version: No such file or directory
E/installd( 1006): Could not create directories; exiting.
E/keystore( 1007): chdir: /data/misc/keystore: No such file or directory
E/AudioFlinger(  932): no wake lock to update!
E/AudioFlinger(  932): int android::load_audio_interface(const char*, audio_hw_device_t**) couldn't load audio hw module audio.r_submix (No such file or directory)
E/SurfaceFlinger(  929): ro.sf.lcd_density must be defined as a build property
E/cutils  ( 1039): Failed to read /data/.layout_version: No such file or directory
E/installd( 1039): Could not create directories; exiting.
E/keystore( 1040): chdir: /data/misc/keystore: No such file or directory
E/memtrack(  930): Couldn't load memtrack module (No such file or directory)
E/android.os.Debug(  930): failed to load memtrack module: -2
E/cutils  ( 1075): Failed to read /data/.layout_version: No such file or directory
E/installd( 1075): Could not create directories; exiting.
E/keystore( 1076): chdir: /data/misc/keystore: No such file or directory
E/cutils  ( 1102): Failed to read /data/.layout_version: No such file or directory
E/installd( 1102): Could not create directories; exiting.
E/keystore( 1103): chdir: /data/misc/keystore: No such file or directory
E/cutils  ( 1131): Failed to read /data/.layout_version: No such file or directory
E/installd( 1131): Could not create directories; exiting.
E/keystore( 1132): chdir: /data/misc/keystore: No such file or directory
E/EmojiFactory_jni(  930): Failed to load libemoji.so: dlopen failed: library "libemoji.so" not found
E/cutils  ( 1157): Failed to read /data/.layout_version: No such file or directory
E/installd( 1157): Could not create directories; exiting.
E/keystore( 1158): chdir: /data/misc/keystore: No such file or directory
E/keystore( 1182): chdir: /data/misc/keystore: No such file or directory
E/cutils  ( 1181): Failed to read /data/.layout_version: No such file or directory
E/installd( 1181): Could not create directories; exiting.

And so on ad infinitum.

$ ./emulator -version
Android emulator version 22.6.3.0 (build_id OPENMASTER-1123206)

$ uname -a
Linux  3.11.0-18-generic #32~precise1-Ubuntu SMP Thu Feb 20 17:54:21 UTC 2014 i686 i686 i386 GNU/Linux

I've seen a lot of similar questions on SO, but almost everywhere it's suggested to check the box 'Use Host GPU' when creating an AVD - it didn't bring any result. I tried to recreate the AVD with different devices/parameters, under different versions of the Android API, completely reinstall the SDK - also deaf. Does anyone have any ideas, if not how to solve the problem, then at least in which direction to dig?