Franklin, Tenn.-based Community Health Systems has signed a definitive agreement to sell Bluefield (W.Va.) Regional Medical Center to Princeton (W.Va.) Community Hospital.
CHS said the sale of 92-bed Bluefield Regional Medical Center and its ancillary operations is expected to close in the third quarter of this year. The transaction is subject to customary regulatory approvals.
CHS has been selling off hospitals in recent years to improve its financial position and reduce its heavy debt load. In late 2017, the company announced a plan to sell a group of hospitals with combined annual revenue of $2 billion. During an earnings call on April 30, CHS Chairman and CEO Wayne Smith said the company expects to complete the hospital divestiture plan in 2019.
CHS carried $13.88 billion in long-term debt when it announced its divestiture plan at the end of 2017. As of March 31, CHS' long-term debt totaled $13.39 billion.
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