Source: http://stackoverflow.com/questions/30439524/error-loading-the-sdk-when-eclipse-is-started
The solution to above problem is to just delete(uninstall) the package Android Wear ARM EABI v7a system image available under Android 5.1.1 (API 22) if it's installed. (No need to uninstall whole 5.1.1 package). May be there is some eclipse bug with this package.
Finally restart eclipse to see your changes.
Edit: If the problem still exists, try removing other Android Wear package also (i.e Android Wear Intel x86 Atom System Image) as suggested by @Abhishek in comments below.
COMMENT
I was still getting the error after deleting 'Android Wear ARM EABI v7a system image'. Then I deleted 'Android Wear Intel x86 Atom System Image' under Android 5.1.1 (API 22) and finally all errors disappeared :) – Abhishek May 27 at 5:56
