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CHS continues debt reduction effort with sale of Alabama hospital

Franklin, Tenn.-based Community Health Systems has completed the sale of 125-bed Stringfellow Memorial Hospital in Anniston, Ala., to The Health Care Authority of the City of Anniston.

The transaction is part of a financial turnaround plan CHS put into place last year. In an attempt to trim its debt load, the company is selling 25 hospitals, including Stringfellow Memorial.

CHS signed the definitive agreement to divest Stringfellow Memorial in March. At that time, the company said it was selling the hospital for $25 million, which included the assumption of the $13 million facility lease.

With the divestiture of Stringfellow Memorial, CHS operates six hospitals in Alabama.

More articles on healthcare industry transactions:

Kansas hospital on brink of closure draws interest from buyers
U of L could spin off its hospital due to uncertain healthcare environment
10 recent hospital transactions and partnerships

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