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

th in the amendment would automatically constitute an event of default under the credit agreement. In the event of such a default, the lenders may exercise their rights to accelerate the payment of all amounts then outstanding under the credit agreement, and require the Company to replace or provide cash collateral for the outstanding letters of credit or pursue further modifications with respect to the credit facility.

The Company paid the lenders an aggregate fee of $500,000 for entering into the amendment.

Other Matters

Trinity Hospice. The Company previously announced on March 3, 2008 that, as a result of a review of the goodwill related to the Company's hospice business acquired in 2006, Trinity Hospice, Inc. ("Trinity"), the Company expects to record a material impairment loss in 2007 relating to its investment in Trinity. At that time, the amount of the impairment loss had not yet been determined, but was expected to be material. The Company now expects to record an impairment loss of approximately $50 million in 2007. At December 31, 2007, the goodwill and intangible assets related to the acquisition of Trinity totaled approximately $69 million.

Senior Living Condominium Developments. In addition to the pre-tax charges related to senior living condominium developments which were previously disclosed on March 3, 2008, in the first quarter of 2008, the Company suspended the development of all but one of its condominium projects. As a result, we expect to record additional pre-tax charges totaling approximately $22.3 million in the first quarter of 2008.

The anticipated pre-tax charge and impairment described above are preliminary and remain subject to audit by Ernst & Young LLP. As such, this information is not final or complete, and remains subject to change, possibly materially.

About Sunrise Senior Living

Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of December 3
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SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
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