Steps for the solution:
1. Download and install sleepwatcher:
http://www.bernhard-baehr.de/
tar xvf sleepwatcher_2.1.tar
cd sleepwatcher_2.1
sudo cp sleepwatcher /usr/local/bin
cd config
sudo cp de.bernhard-baehr.sleepwatcher-20compatibility.plist /Library/LaunchDaemons/de.bernhard-baehr.sleepwatcher.plist
sudo cp rc.sleep rc.wakeup /etc