North Tide Capital sells off entire stake in CHS

Boston-based North Tide Capital has sold all of its 5.5 million shares of Franklin, Tenn.-based Community Health Systems, according to a recent filing with the Securities and Exchange Commission.

The hedge fund sold off its shares following CHS' rocky 2016. The for-profit hospital operator ended the third quarter with a net loss of $79 million, compared to a $52 million profit in the same period of 2015. CHS' stock has fallen about 70 percent since the beginning of last year.   

To improve its finances, CHS put a turnaround plan into place in 2016. In an attempt to trim its debt load, the company is selling 17 hospitals and other assets to generate an expected $1.2 billion in working capital. The company moved forward with that plan in recent months, divesting several hospitals and its home health business.

Founded in 2010 by Conan Laughlin, North Tide Capital has nearly $2.3 billion in assets under management.

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