In its filing with the Securities and Exchange Commission, Sunrise said it is unable to borrow additional funds under its bank credit facility, and also said “we have significant debt maturing in 2010 and 2011 and there can be no assurance that we will be able to extend this debt or obtain additional financing.”
The company reported that it spent 2009 continuing to reduce overhead costs, restructure and extend maturities of some of its debt, and sell assets to generate liquidity. This included selling 21 wholly owned senior-living communities for an aggregate purchase amount of $204 million, which resulted in net proceeds of $60 million for the company.
As of Feb. 25, Sunrise operated 374 communities in the U.S., Canada, Germany and the United Kingdom. The company's senior-living services include independent living, assisted living, care for individuals with Alzheimer's and other types of memory loss, and nursing and rehabilitative services.
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