Sunrise Senior Living warns of possible bankruptcy

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Sunrise Senior Living reported a $305.6 million loss in the fourth quarter and warned it may need to restructure its business under bankruptcy protection.

The McLean-based company said it had only enough cash to continue operations through the first quarter of 2009. If it can not arrange deals with its creditors, the company said it would seek bankruptcy protection.

The company also said it will build no new projects this year.

Last year, the company reported a profit of $124 million in the fourth quarter. For the full year, the company lost $439.2 million, compared with a $70.3 million loss with 2007.

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