1. we are seeking to preserve cash 2. reduce our financial obligations 3. reach negotiated settlements
with various creditors
1. seeking to reduce our payments under our guarantee obligations for development projects 2 and our operating deficit obligations
for our German communities, our Fountains venture and our Aston Gardens venture,
In conjunction with our development ventures, we have provided
i) project completion guarantees to venture lenders and the venture itself, ii) operating deficit guarantees to the venture lenders iii) income support guarantees to venture partners and guarantees to the venture to fund operating shortfalls.
Accordingly, we must - reduce our debt and - restructure and/or - divest these burdensome financial guarantees including operating deficit funding and completion guarantee obligations.
We have not made principal or interest payments on the loans -for our German communities in 2009 -to our Fountains venture and -to the venture partner in the Fountains venture.
We have commenced discussions regarding the restructuring of claims with - the lenders to our German communities, - the lender for the Fountains portfolio, - our venture partner in the Fountains and - certain other lenders.