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Sunrise Reports Financial Results for Second-Quarter 2009
Date:8/6/2009

ailure to pay principal and interest to the lenders of Sunrise's German communities, as further described below, and $170.2 million of debt that is in default as a result of Sunrise's failure to meet certain financial covenants. Sunrise has reflected current debt and long-term debt that is in default as a current liability.

Sunrise is engaged in discussions to extend the maturity dates of, and to obtain covenant waivers with respect to, some of its debt. Even if these efforts are successful, additional financing resources will be required to refinance existing indebtedness that comes due within the next 12 months. Sunrise is also engaged in discussions with various venture partners and third parties regarding the sale of certain assets with the purpose of increasing liquidity and reducing its obligations to enable Sunrise to continue its operations. Assuming Sunrise is able to extend or refinance the scheduled maturities and obtain the covenant waivers with respect to the consolidated debt that is in default, Sunrise believes it has adequate cash resources to fund operations and meet its obligations as they come due until the December 2, 2009 maturity date of the Bank Credit Facility.

Germany

As previously announced, Sunrise has standstill agreements with all of the lenders to its German communities, which standstills will generally remain in effect until the end of August. Sunrise continues its discussions with the lenders to its German communities with the objective of settling their claims against Sunrise, in order to allow Sunrise to exit the German market altogether. In the second quarter of 2009, Sunrise engaged a broker to assist in the sale of its nine German communities and the Company expects a sale to occur within 90 days, although there can be no assurance that the initial bids received will result in the consummation of a sale. If a sale does not occur, Sunrise will proceed
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SOURCE Sunrise Senior Living, Inc.
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