SunLink Health Systems, the beleaguered Atlanta-based operator of four hospitals and a specialty pharmacy, is planning to delist its shares and sell underperforming facilities.

The system said in a news release that all four of its hospitals are currently underperforming and it has hired advisers to evaluate the sale of at least two of them.

SunLink's hospitals include 31-bed Callaway Community Hospital, Fulton, Mo.; 49-bed Chestatee Regional Hospital, Dahlonega, Ga.; 150-bed North Georgia Medical Center, Ellijay; and 61-bed Trace Regional Hospital, Houston, Miss.

The company added that it will use the proceeds of the sales to fund its working capital needs, noting that it has been unable to raise sufficient capital in the debt or equity markets on “acceptable terms.”

SunLink last year sold two of its hospitals—Dexter (Mo.) Hospital and Memorial Hospital of Adel (Ga.)—to help pay down debt.

The company's announcement comes less than three months after it reported a net loss of $1.42 million for the first quarter of its fiscal 2013, compared with a loss of $1.56 million for the same period the previous year.

SunLink has reported a net loss in four of its past five quarters.

Although it finished fiscal 2012 in the black, the company recorded a 5% decrease in consolidated net revenue compared with the previous year. In a discussion of its results, the company said its operating performance took a hit from uncollectable patient bills, decreased patient volume, unfavorable economic conditions in its markets and increased salary expenses.

The system had previously forged a deal to merge with Foundation Healthcare Affiliates, Oklahoma City, but the deal fell apart in November 2011.

SunLink said in its news release that it plans to pay cash to buy up outstanding shares from holders of 99 or fewer shares; it is offering $1.50 per share plus a $100 bonus upon completion of the tender offer.

The company, which has a market capitalization of $10.8 million, needs to reduce its shareholders to fewer than 300 in order to delist.