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Sunrise Senior Living Inc. Message Board

  • puregamble5 puregamble5 Mar 11, 2009 7:30 PM Flag

    Long step at a time

    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

    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.

    Fountain portfolio ...DONE.