Atlanta-based SunLink Health Systems has announced it has signed an agreement to sell Memorial Hospital of Adel (Ga.) to the Hospital Authority of Tift County, which operates Tift Regional Medical Center in Tifton, Ga., for $8.3 million.
The deal also includes the sale of Memorial Hospital's Memorial Convalescent Center and is subject to a number of conditions, including buyer due diligence and lender approvals, according to SunLink. After the sale is finalized, the number of hospitals operated by SunLink will drop to five.
Proceeds from the sale will be used by SunLink to pay down senior debt. The for-profit hospital operator has suffered financial losses for the last few quarters, with a net loss of $1.6 million during the second quarter of its fiscal 2012 and a net loss of $318,000 during its first quarter.
The transaction is expected to be complete by SunLink's first fiscal quarter of 2013.
The deal also includes the sale of Memorial Hospital's Memorial Convalescent Center and is subject to a number of conditions, including buyer due diligence and lender approvals, according to SunLink. After the sale is finalized, the number of hospitals operated by SunLink will drop to five.
Proceeds from the sale will be used by SunLink to pay down senior debt. The for-profit hospital operator has suffered financial losses for the last few quarters, with a net loss of $1.6 million during the second quarter of its fiscal 2012 and a net loss of $318,000 during its first quarter.
The transaction is expected to be complete by SunLink's first fiscal quarter of 2013.
More Articles on SunLink Health Systems:
SunLink COO Ron Turner to Also Serve as Chief Development Officer
SunLink Health Systems Reports Net Loss of $318k in 1Q of FY 2012
SunLink, Foundation Healthcare Call Off Merger