Sunrise Senior Living announced in an 8-K filing earlier this week that it had entered into standstill/amended agreements with some of its lenders extending the term of previous agreements for its Hannover and München communities. The amendments expire on April 30, 2009 and shall automatically terminate upon the occurrence of an event of default, as defined in the respective agreements. As previously reported, Sunrise expects to have enough cash to operate its businesses until April 30, 2009 based upon restructurings and the sale of its Greystone interests. All of the lenders to the Sunrise’s 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 the Sunrise pursuant to the Sunrise’s operating deficit agreements and/or guarantee agreements until the earliest of the occurrence of certain other events relating to the respective loans or the expiration of the respective standstill agreements. For the full 8-K release, click here.
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