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Judge OKs Landmark sale to Prime Health Care

October 9, 2012

PROVIDENCE — Faced with what was portrayed as a now-or-never choice, a Superior Court judge yesterday approved the sale of financially troubled Landmark Medical Center to Prime Health Care of California.
Judge Michael Silverstein’s decision clears the way for the fast-growing, for-profit chain to seek approval of the $60 million deal from state regulators under the Hospital Conversions Act.
Prime says it will take no longer than 45 days to submit a formal application to regulators and, if it’s approved, they’re ready to close on the sale by May 31, 2013.
“We are in a critical, critical stage with respect to the hospital,” said Landmark receivership master Jonathan Savage. “We were fortunate to get Prime back to the table.”
Prime, one of four hospital groups that bid for Landmarks assets in 2011, resurfaced after Boston-based Steward Health Care balked at purchasing the hospital after 16 months of acquisition proceedings.

Read more in our print edition.

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