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Sunrise Misses NYSE Deadline for Filing 2006 Form 10-K
Date:3/18/2008

improvements in internal controls and procedures designed to rigorously protect the interests of our stockholders, team members and residents."

All corporate governance reforms and remedial measures undertaken by the Company are outlined in a Form 8-K to be filed today by the Company.

Liquidity Update

Sunrise had $79.3 million of unrestricted cash and cash equivalents and $165.7 million in restricted cash at February 29, 2008. To date, the Company has financed its operations primarily with cash generated from operations, both short-term and long-term borrowings and venture recapitalizations. The Company estimates it will cost approximately $0.9 billion to complete the 45 communities under construction at December 31, 2007, including debt and equity, the majority of which has already been committed.

The Company had borrowings of $108 million under its bank credit facility at February 29, 2008. On March 13, 2008, Sunrise entered into a further amendment of its bank credit facility that matures on December 2, 2009. The amendment, among other things, modifies the financial statement delivery date requirements for various 2006 and 2007 annual financial information and various 2007 and 2008 quarterly financial information, including:

-- delivery of 2006 annual financial statements by April 15, 2008

(previously March 17, 2008);

-- delivery of an internally prepared draft balance sheet and income

statement for the 2007 fiscal year by April 30, 2008 (previously March

17, 2008);

-- delivery of audited 2007 financial statements by July 31, 2008

(previously June 30, 2008); and

-- delivery of 2008 first and second quarter unaudited financial

statements by August 20, 2008 and September 10, 2008, respectively.

Any failure by the Company to furnish the administrative agent with the financial information required under the credit agreement within the timeframes set for
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SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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