Landmark open to all buyers, as soon as possible
The Department of Health, the Attorney General’s Office and Landmark Medical Center’s special master filed a joint motion today in Superior Court today to put the Woonsocket hospital on a fast track to finding a buyer.
After long drawn out negotiations with the Caritas Christi Hospital chain in Massachusetts failed, it’s calling on anyone who’s interested in Landmark to make an offer by March 25th.
The order then gives Landmark’s special master only 3 days to recommend a buyer. Only fourteen days after that, the winning bidder will negotiator a sale and submit a purchase agreement. Fourteen days later, the court should rule on approving the sale.
At the same time, Landmark will be filing its half of an application for a hospital merger with whoever the buyer turns out to be. Spokesman Bill Fishcer says the hospital is aiming for a six to nine month regulatory process for approving that merger.
Fischer emphasizes that Landmark is not in a debt spiral, but it’s taken too long to find a buyer. The sped up process aims to call out buyers who are sincerely interested in making a purchase. He won’t say who has shown an interest in Landmark so far, but he’s cautiously optimistic that there will be potential buyers by March 25th. He won’t rule out Caritas among the interested parties.