Sunrise Senior Living officials warn of cash shortage
Sunrise reported $305.6 million in losses for the fourth quarter. The company said it lost $439.2 million over the course of the whole year. Company officials said they have enough cash left to cover obligations only through March 30, according to a news release. On Monday, share prices of Sunrise Senior Living dipped to $0.34 per share, nearly matching its 52-week low of $0.27 per share, which it reached Nov. 24, 2008.
Recently beset by financial statement problems, Sunrise officials said they are seeking to preserve cash, reduce the company's financial obligations and negotiate settlements with creditors in order to stay afloat, according to the company release. It also noted that Sunrise has halted all new U.S. construction projects.