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Judge could set Landmark merger closing date today

November 12, 2013

WOONSOCKET – Landmark Medical Center’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 Landmark’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.

“So we are hopeful we will get a ruling from Judge Silverstein tomorrow afternoon,” Fischer said.

R.I. Department of Health Director Dr. Michael Fine and Attorney General Peter Kilmartin both concluded their reviews of Landmark’s proposed acquisition with decisions recommending the transaction.
Landmark and Prime are looking for Silverstein to set a timeline for the closing of Prime’s proposed acquisition of Landmark under the state’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 facility’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 Landmark’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 “no later than Dec. 31,” as the outside goal, according to Fischer.

“We are hopeful for a ruling tomorrow,” 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.

“We will see how it goes tomorrow,” Fischer said of the upcoming hearing.

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