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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