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Fri August 27, 2010
Agreement made for Landmark Medical Center
By Catherine Welch & Megan Hall
Providence, RI – Landmark Medical Center and Caritas Christi Health Care met their latest deadline and submitted a signed purchase agreement Friday to a Superior Court judge.
A court-appointed special master has been running the financially troubled Landmark Medical Center in Woonsocket for two years now. And Landmark has been exclusively negotiating with the Massachusetts-based Caritas Christi Health Care for nearly half that time.
Details of the purchase agreement will be made public once Superior Court Judge Michael Silverstein looks it over, says Caritas Christi Health Care spokesman Chris Murphy.
"Yeah, I'd say it's a significant step in the process and we've dedicated a lot of time and resources over the past two years to get to this step."
Landmark spokeman Bill Fischer says the medical center is pleased to have reached this stage.
"The goal has always remained the same: to preserve Landmark, to preserve 1,200 jobs in Rhode Island and to retain the ability to offer high-quality hospital care to the residents of northern Rhode Island," Fischer says.
Chris Murphy says a lengthy regulatory process will follow the judge's review.
The purchase won't be official until Landmark and Caritas apply for a merger through the state Health Department and attorney general's office.