Sunrise Responds to HCP Announcement
June 29 2009 - 5:55PM
PR Newswire (US)
Believes Litigation is without Merit; Continues Management of 75
HCP Communities MCLEAN, Va., June 29 /PRNewswire-FirstCall/ --
Sunrise Senior Living, Inc. (NYSE:SRZ) learned today that HCP has
filed complaints against Sunrise and certain of its subsidiaries in
the Delaware Chancery Court alleging a variety of breaches of
contract and certain fiduciary duty with respect to 64 HCP-owned
communities managed by Sunrise. "HCP purchased these communities
under long-term management contracts with many years remaining. The
communities have steadily improved their performance yet HCP has
continually expressed their desire to terminate their agreements,"
said Mark Ordan, Sunrise's chief executive officer. "We see today's
announcement as just another attempt to unlawfully terminate our
agreements and we will enforce our rights vigorously on behalf of
all Sunrise stakeholders. We are proud of the care and service we
deliver to all of our residents and families, and we look forward
to continuing to serve these communities." The majority of
Sunrise's management agreements with HCP have expiration dates
ranging from 2028 to 2038 and include extension options held by
Sunrise. About Sunrise Senior Living Sunrise Senior Living, a
McLean, Va.-based company, employs approximately 40,000 people. As
of May 8, 2009, Sunrise operated 411 communities in the United
States, Canada, Germany and the United Kingdom, with a combined
unit capacity of approximately 42,000 units. Sunrise offers a full
range of personalized senior living services, including independent
living, assisted living, care for individuals with Alzheimer's and
other forms of memory loss, as well as nursing and rehabilitative
services. Sunrise's senior living services are delivered by staff
trained to encourage the independence, preserve the dignity, enable
freedom of choice and protect the privacy of residents. To learn
more about Sunrise, please visit
http://www.sunriseseniorliving.com/. DATASOURCE: Sunrise Senior
Living, Inc. CONTACT: Sara Krueger, Corporate Communications of
Sunrise Senior Living, +1-703-744-1829 Web Site:
http://www.sunriseseniorliving.com/
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