PROVIDENCE â€” 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 Silversteinâ€™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 itâ€™s approved, theyâ€™re ready to close on the sale by May 31, 2013.
â€śWe are in a critical, critical stage with respect to the hospital,â€ť said Landmark receivership master Jonathan Savage. â€śWe were fortunate to get Prime back to the table.â€ť
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.
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