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Financially Troubled Rhode Island Hospital Gets New Buyer

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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.

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