WOONSOCKET â€“ Landmark Medical Centerâ€™s proposed acquisition by Prime Healthcare Services of California will come before Superior Court Judge Michael Silverstein this afternoon for a possible ruling on a closing date for the transaction.
Landmark spokesman William Fischer said on Tuesday that Jonathan Savage, the state-appointed special master supervising Landmarkâ€™s fiscal operations, had earlier filed a petition recommending the acquisition by Prime and seeking a closing date for the transaction.
Judge Silverstein held a hearing on the petition last Friday and is expected to take up the matter again this afternoon beginning at 2 p.m. in Superior Court, Fischer said.
â€śSo we are hopeful we will get a ruling from Judge Silverstein tomorrow afternoon,â€ť Fischer said.
R.I. Department of Health Director Dr. Michael Fine and Attorney General Peter Kilmartin both concluded their reviews of Landmarkâ€™s proposed acquisition with decisions recommending the transaction.
Landmark and Prime are looking for Silverstein to set a timeline for the closing of Primeâ€™s proposed acquisition of Landmark under the stateâ€™s first conversion of a non-profit acute-care hospital to for-profit operation.
The acquisition of the 214-bed Landmark for an approximate $62 million, including $30 million in new capital investment, is aimed at turning around the Cass Avenue-based healthcare facilityâ€™s longstanding fiscal problems stemming from its high levels of free and uncompensated care provided to uninsured and underinsured patients in its market.
The transaction would also include Landmarkâ€™s Rehabilitation Hospital of Rhode Island operation, off Eddie Dowling Highway in North Smithfield.
A decision by Silverstein to set a closing date would constitute the last step in the acquisition process, Fischer said.
The petition previously filed by Landmark and Prime requested Nov. 30 as a preferred closing date and a deadline of â€śno later than Dec. 31,â€ť as the outside goal, according to Fischer.
â€śWe are hopeful for a ruling tomorrow,â€ť Fischer said. He added it will be up to Silverstein to determine the next step in the acquisition, and the parties would be awaiting his decision.
â€śWe will see how it goes tomorrow,â€ť Fischer said of the upcoming hearing.