Sunrise reports debt defaults, lighter losses in financial filing

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Despite a small net income in the fourth quarter of FY 2009, Sunrise Senior Living reported significant levels of debt that is in default.

The senior living operator released its financial statement for the 2009 fiscal year on Thursday. The company had reduced its losses compared with 2008, reporting a net loss of $133.9 million, compared with a loss of $439.2 million the year before. Total revenue was $1.5 billion for the year and $364.3 million for the fourth quarter, the company said in a release.

Sunrise also reported that it has $317.2 million in debt that is in default. This includes $198.7 million of debt resulting from failure to pay principal and interest to the lenders of Sunrise's German communities, according to the company. The company also warned that significant amounts maturing this year and next could be in jeopardy of going into default.