APRIL 20: Boston Marathon Live on CBSBoston.com, WBZ-TV and WBZ NewsRadio 1030 | Coverage Details
Live Blog | Mile By Mile Guide | Road Closures | Best Spectator Spots | Forecast | All Marathon Coverage

News

Financially Troubled Rhode Island Hospital Gets New Buyer

View Comments
landmark hospital

WOONSOCKET, R.I. (CBS) –Landmark Medical Center in Woonsocket, Rhode Island has a new buyer after a for-profit Massachusetts  hospital group backed out of  a deal to acquire the troubled  facility.

California-based Prime Healthcare Services  signed a new purchase agreement on Thursday, the same day that Steward Health Care walked away. Prime plans to invest $60 million in the medical center over 5 years. Company officials say there should be no reductions in services, but there has been no decision on staff cuts.

Landmark will have to repay Steward a $7 million loan used to eliminate debt and keep the hospital open.

Landmark has been in receivership for four years.  The  purchase agreement  still has to win court approval.

View Comments
blog comments powered by Disqus