Sunlink Health Systems (SSY) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Southern Health Corporation of Houston, Inc., a subsidiary of the Company, agreed to sell Trace Regional Hospital and three clinics to Progressive Health of Houston, LLC for $500,000, alongside a six-month net lease and a management agreement. The previous agreement from November 2023 was terminated, and an additional real estate purchase is expected by Progressive for $2,000,000 by July 31, 2024. The transactions are anticipated to result in a loss of approximately $1.8 to $2.2 million for SunLink, although the exact loss is yet to be determined due to the combined operation of Trace hospital and Trace Extended Care & Rehabilitation.
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