UPDATE: Sunlink Health Systems (SSY) Halted on Second Circuit Breaker, Shares Up 158% After Subsidiary Sells Chestatee Regional Hospital

August 22, 2016 9:50 AM EDT

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(Updated - August 22, 2016 9:53 AM EDT)

Trading in Sunlink Health Systems (NYSE: SSY) was paused twice Monday morning after shares surged over 150%. On Friday after the close, the company said in a press release:

SunLink Health Systems, Inc. (NYSE:MKT: SSY) today announced that a subsidiary has sold its Chestatee Regional Hospital in Dahlonega, GA for approximately $15,000,000. The company expects to recognize an after tax gain (utilizing available net operating loss carry-forwards) of approximately $7,000,000 on the transaction which closed on August 19, 2016. A portion of the proceeds will be allotted for the payment of debt and the balance will be retained for working capital and general corporate purposes.

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