Sunrise Senior has filed new SEC Reports:
1. CFO (Chief Financial Officer) Richard Nadeau: Granted 750,000 stock options at 1.37 per share
2. CAO (Chief Accounting Officer) Pangelinan Julie Anne: Granted 500,000 stock options at 1.37 per share
These shares will be vested in 3 installments each of Dec 23, 2009,2010,2011 ie 33.33% of the shares will be vested each year.
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There is one additional SEC filing with regards to German Assets.
Sunrise Hannover Senior Living GmbH & Co (Property Owners)
Sunrise Hannover GmbH ( Operating Company)
NATIXIS, London Branch [Its a FUND not a bank] - lender
The SRZ affiliates and NATIXIS have agreed to have a 60 day Standstill Agreement (starting Dec 24,2008) and maximum end date of March 31,2009
NATIXIS due to past agreement is expected to receive 11,224,376 euros from SRZ due to some loan agreement standards Loan To Value (LTV) Threshold limits being breached..
***SRZ has provided some assurances stating that there are going to be some agreements in place with Bank of America NA and based on these findings NATIXIS and SRZ have entered into a Standstill Agreement wherein NATIXIS is not going to start implementing its clause to request for additional 11.2 million euros but NATIXIS will do nothing for the next 60 days..
So here we have it folk's.. our Jan 31,2009 (or earlier) seems to be the date for some major breakthrough news for SRZ with regards to funding and Bank of America is going to be one of the principal financiers
PNote: **** This is my interpretation of the SEC filings Please read the complete SEC filings here
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