Yesterday, Woonsocket, R.I.'s Landmark Medical Center signed a nonbinding letter of intent from Brentwood, Tenn.'s RegionalCare Hospital Partners, according to a Providence Journal report.
RegionalCare, an 18-month-old for-profit hospital group, already owns four hospitals in Alabama, Iowa and Ohio. Despite their proposal, Landmark's court-appointed special master Jonathan N. Savage continues to encourage other buyers. The court's deadline for bids is March 25, ten days after RegionalCare's letter suggests the asset-purchase agreement be signed. Other potential buyers include Boston-based Caritas Christi Health Care and the Lifespan hospital group in Providence, R.I.
On April 1, Mr. Savage will recommend a buyer to the court, which will hold a hearing concerning the decision on April 6. The Superior Court began supervision of Landmark in 2008 because of its debt.
Read the Providence Journal report on Landmark Medical Center.
Read more coverage on Landmark Medical Center:
- Rhode Island's Landmark Medical Center Accelerates Sale Process
- Merger Talks Stall Between Caritas Christi and Landmark Medical Center
- Report Finds Independent Hospitals in Rhode Island Showed Poor Financial Performance in 2009
RegionalCare, an 18-month-old for-profit hospital group, already owns four hospitals in Alabama, Iowa and Ohio. Despite their proposal, Landmark's court-appointed special master Jonathan N. Savage continues to encourage other buyers. The court's deadline for bids is March 25, ten days after RegionalCare's letter suggests the asset-purchase agreement be signed. Other potential buyers include Boston-based Caritas Christi Health Care and the Lifespan hospital group in Providence, R.I.
On April 1, Mr. Savage will recommend a buyer to the court, which will hold a hearing concerning the decision on April 6. The Superior Court began supervision of Landmark in 2008 because of its debt.
Read the Providence Journal report on Landmark Medical Center.
Read more coverage on Landmark Medical Center:
- Rhode Island's Landmark Medical Center Accelerates Sale Process
- Merger Talks Stall Between Caritas Christi and Landmark Medical Center
- Report Finds Independent Hospitals in Rhode Island Showed Poor Financial Performance in 2009