ATLANTA—SunLink Health Systems is planning to delist its shares and sell underperforming facilities. All four of its hospitals are currently underperforming and it has hired advisers to evaluate the sale of at least two of them, the system said in a news release. SunLink's hospitals are 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 said it would 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 reported a net loss of $1.42 million for the first quarter of its fiscal 2013 and 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. 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.