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Sunrise Reports Financial Results for Fourth Quarter and Full-Year 2008
Date:3/2/2009

ow will be sufficient to enable the Company to meet its obligations only through March 30, 2009. Because of these factors and the Company's current financial position, Sunrise is seeking to preserve cash, reduce its financial obligations and reach negotiated settlements with various creditors to preserve its liquidity. The Company has also stopped funding certain projects and other obligations, and is seeking waivers with respect to existing defaults under many of its debt obligations to avoid acceleration of such obligations. Specifically, Sunrise has stopped or reduced payments associated with its German communities, development projects and its Fountains venture, each as described in more detail in the Company's 2008 Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission.

The Company is in the process of discussing a comprehensive restructuring plan with the lenders to its German communities, the lender to the Fountains portfolio, the Company's venture partner in the Fountains portfolio and certain other lenders. Sunrise has requested that the lenders to the German communities and the lender for the Fountains portfolio agree not to foreclose on the communities that are collateral for their loans, or to commence or prosecute any action or proceeding to enforce any demand for payment by Sunrise pursuant to its operating deficit guarantees through March 31, 2009. In this context, the lenders to eight of Sunrise's nine German communities have agreed not to foreclose on the communities that are collateral for their loans or to commence or prosecute any action or proceeding to enforce their demand for payment by us pursuant to the Company's operating deficit agreements until the earliest of the occurrence of certain other events relating to the loans or March 31, 2009. Such an agreement has not been made with the lender to Sunrise's ninth community as such community is not currently in default on its payments. A
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SOURCE Sunrise Senior Living, Inc.
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Related medicine news :

1. Sunrise to Host Conference Call and Webcast to Discuss Fourth-Quarter and Full-Year 2008 Financial Results
2. Sunrise Senior Living Helps Families Explore Senior Care Financing Options with New Guide
3. Sunrise Receives Proceeds from Venture Refinancing
4. Sunrise Reports Financial Results for Third Quarter 2008
5. Sunrise Provides Update on HCN Transaction
6. Sunrise to Host Conference Call and Webcast to Discuss the Companys Financial Results for the Third Quarter 2008
7. Sunrise Senior Living Appoints Glyn Aeppel and David Fuente to its Board
8. Sunrise Files 2007 Form 10-K
9. Sunrise Updates Date and Time of Conference Call to Discuss 2007 Financial Results and Second-Quarter 2008 Preliminary Selected Financial and Operating Data
10. Sunrise Senior Living Founder and CEO to Become Chairman
11. Sunrise to Present at Jefferies 2nd Annual Healthcare Conference
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