Jul 3 2012
SunLink Health Systems, Inc. (NYSE:MKT: SSY) today announced that it
completed the sale of its Memorial Hospital of Adel and Memorial
Convalescent Center to The Hospital Authority of Tift County, Georgia
for approximately $8,350,000. The company expects to recognize an after
tax gain of approximately $1,700,000 on the transaction in its first
fiscal quarter ending September 30, 2012. Proceeds of the sale of
approximately $7,500,000 were used to pay-down SunLink's senior credit
facility.
Robert M. Thornton, Jr., chairman and chief executive officer of
SunLink, commented, "This sale to a strong regional healthcare system
will greatly enhance Memorial's position in its South Georgia market.
The sale also allows SunLink to repay substantial high-cost debt and to
concentrate on several of our key corporate and operational objectives
which we believe will enhance the value inherent in our hospital
portfolio by allowing us to more sharply focus on our core operating
strategy of being a quality healthcare provider to exurban and rural
communities in which the company's other facilities are located. We are
confident this sale should significantly benefit SunLink and its
shareholders."
Source:
SunLink Health Systems, Inc.