RegionalCare Hospital Partners, Brentwood, Tenn., has signed a letter of intent to acquire two-hospital Landmark Health Systems, Woonsocket, R.I., according to a news release.
RegionalCare to acquire R.I. system
The letter of intent sets a target date of March 15 for negotiating an asset purchase agreement that would be submitted to Rhode Island State Superior Court in Providence. Landmark submitted to a special master under the state court's direction in June 2008 in order to reorganize its finances and operations while seeking a bidder, according to Bill Fischer, a spokesman for Landmark.
Other bidders have until March 25 to make an offer for the two hospitals—133-bed Landmark Medical Center in Woonsocket and 70-bed Rehabilitation Hospital of Rhode Island in North Smithfield, Fischer said. The special master will present all bids and his own recommendation to the court on April 1, and another hearing to consider the bids is set for April 6, Fischer said.
Terms were not disclosed, but the letter of intent includes a significant capital commitment, including a multimillion dollar expansion of Landmark Medical Center's emergency room, according to the release.
Privately held RegionalCare was founded in 2009 and owns four hospitals in three states.
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