YOUNGSTOWN, Ohio - The parent company of ValleyCare Health Systems has announced a further downsizing.  Community Health Systems says it now expects to sell more than the 12 hospitals it previously announced. 

Community Health Systems is not disclosing which hospitals it is negotiating to sell or the total number now on the list.

With 158 hospitals in 22 states, CHS is the second largest investor owned hospital system.  

Its facilities include Northside Medical Center, Trumbull Memorial Hospital, Hillside Rehabilitation Hospital and Sharon Regional Health System. ValleyCare has made a series of layoffs and consolidations citing low patient volume.

The unions representing employees at ValleyCare say the company has consistently said it has no plans to close. What they don't know is whether local hospitals are on the list for sale.  When contacted, ValleyCare  said it would have no comment. 

CHS posted a $1.4 billion loss in the second quarter and its stock has plummeted. A share was 60 dollars last year, it closed Thursday at  11.48.

The depressed stock has attracted investors, including  a Chinese billionaire who has accumulated 11-million shares and is now CHS's largest shareholder with 9.9%.

Larry Cash, the Chief Financial Officer for CHS says proceeds from hospital sales will be used to reduce debt and the company is continuing to look for more opportunities to lower costs.