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Tue May 18, 2010
Judge gives go ahead to Landmark sale
By Megan Hall
Providence, R.I. – A Massachusetts based hospital chain is one step closer to buying the financially troubled Landmark Medical Center in Woonsocket.
Yesterday, Superior Court judge Michael Silverstein gave the go ahead for Caritas Christi to work towards a sales agreement with Landmark. His decision blocks out Transition Healthcare- a Tennessee based company that also wanted a chance to bid on the hospital.
Vincent Indelia represents Transition. He says his client is still interested in Landmark if Caritas doesn't follow through.
"If things should not work out, they're in the business of taking urban hospitals that are having financial difficulty and putting them back together," Indelia says. "So we're big boys and we'd like to come back."
Landmark and Caritas have 60 days to reach a sales agreement. The purchase won't be official until the health systems apply for a merger through the state Health Department and the attorney general's office.
Caritas also faces a long regulatory approval process through the state of Massachusetts, as it applies to be purchased by the private equity firm Cerberus.