health care

Westerly sale completed; Landmark review stalled

Posted 6/10/13

WESTERLY – The $69 million purchase of Westerly Hospital by Lawrence + Memorial Hospital of New London, Conn., was finalized on May 31, 18 months after Westerly Hospital first went into receivership.

Under the terms of the sale, Lawrence + Memorial will assume $22 million in debt, pump in $6.5 million in working capital during the first two years, and invest $30 million in new technology and equipment. Westerly Hospital will keep its name; maternity services were moved to Lawrence + Memorial as of June 1.

The deal transferring ownership was completed with a brief ceremony when Bruce Cummings, president and CEO of Lawrence + Memorial, and Marc Russo, a Providence lawyer appointed special master in December 2011, signed deed documents.

By comparison, the proposed sale of Landmark Medical Center to Prime Healthcare Services of Ontario, Calif., remains stalled, with the state regulatory review suspended pending submission of information to the purchase application so it can be deemed complete, according to spokeswoman Amy Kempe of the R.I. Attorney General’s office.

“The process remains suspended as the transacting parties continue to provide the necessary information to deem the application complete,” Kempe said.

Landmark now enters its fifth year of receivership this month, having failed to complete deals with a number of other suitors.

Meanwhile, the proposed affiliation of Memorial Hospital in Pawtucket to become part of the Care New England hospital network is moving ahead. A public hearing on the deal is scheduled for June 11 at the Joseph Jenks Junior High School in Pawtucket from 4 to 6 p.m.

Calendar
PBN Hosted
Events

Save the Date - Thursday, May 29th - for the Business Women Awards Luncheon at the Providence Marriott. Winners to be announced May 2nd.
  • Manufacturing Awards
    Only a few seats remain for PBN's Manufacturing Awards Dinner and Ceremony, Thur ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News