What about Landmark? Caritas to buy two OTHER hospitals
As the folks at Landmark Medical Center in Woonsocket continue to work on a purchase agreement with Caritas Christi– the Massachusetts hospital chain recently acquired by a private equity firm– Caritas is setting its sights on other hospitals.
According to The Boston Globe, Caritas intends to buy Merrimack Valley Hospital and Nashoba Valley Medical Center in Massachusetts. Caritas has already made a sale agreement with the current owner, but of course won’t discuss a purchase price. The sale must be approved by public health regulators before it’s official.
I was struck by a comment from Ralph de la Torre– the former CEO of Caritas, and still the man in charge of day to day operations –
No other purchases are currently in the works, de la Torre said, but Steward will keep scouting for more hospitals to purchase in the coming year
No other purchases are currently in the works? With all of that wheeling and dealing, has Caritas forgotten Landmark? Or perhaps, did he mean no other purchases in Massachusetts?
Bill Fischer, Landmark’s spokesman, assures me that the sale to Caritas is still moving forward. But the two parties still haven’t set a date for the next legal hurdle- a court hearing on their asset purchase agreement. With the days creeping towards Christmas, it’s possible a hearing won’t even happen by the end of the year.
Landmark is in receivership for a reason- it’s really strapped for cash. How much longer can it hold on?
For more background, check out my earlier post.