Wed February 16, 2011
Landmark names potential buyer
By MEGAN HALL
Providence, RI – Only a week after Landmark Medical Center in Woonsocket received permission to accelerate its timeline for finding a buyer, the financially strained hospital has signed a "nonbinding letter of intent" with RegionalCare Hospital Partners from Tennessee.
But Spokesman Bill Fischer says the letter doesn't close the door on other potential bidders.
"In no way shape or form have they been selected as the ultimate bidder," Fischer says. "They are not a favored bidder and there is ample opportunity for any other interested party to do the same thing."
RegionalCare's primary shareholder is Warburg Pincus, a large private equity firm. The for-profit entity intends to invest millions of dollars into Landmark over the next 5 years, including an extensive expansion of its emergency room.
Landmark's Special Master has until April 6th to recommend a new owner.
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