CHS to sell 12 hospitals to drive down debt

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Franklin, Tenn.-based Community Health Systems plans to sell a dozen hospitals by the end of 2016 — two more than it was negotiating to divest in May. 

CHS Chairman and CEO Wayne Smith and CFO Larry Cash shared that plan on a second-quarter earnings call Wednesday. CHS plans to sell the 12 undisclosed hospitals and some other non-hospital operations, which have combined annual revenues of $1.45 billion, in five separate transactions. The company expects the sale of the facilities to trim its debt by $850 million. 

After accounting for one-time adjustments, CHS ended the second quarter of 2016 with a $1.4 billion loss, compared with a profit of $117 million in the same period of the year prior. 

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