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Apps PANIC: could not open avd

Is there any way of solving this in Ubuntu 13.04?
If so, can you also provide a step-by-step instruction on how to do it ?

Here are the steps I have taken:
1) In AVD Manager, added new device (MyAVD). It shows a green check which I assume means it found it.
2) When I click on it and select START, I get the error :
PANIC: Could not open AVD MyAVD
 

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