L&M's 'stalking horse' bid accepted
Lawrence & Memorial Hospital's "stalking horse" bid to purchase The Westerly Hospital received a Rhode Island Superior Court judge's approval on Wednesday.
The bid, proposed in a petition to Judge Brian Stern from Attorney Mark Russo, the court-appointed special master for Westerly Hospital's receivership case, will now serve as the benchmark against which rival bids will be considered. Other potential buyers have until July 30 to submit a competing proposal to purchase the financially troubled hospital.
Russo on Wednesday declined to comment other than to confirm that the judge had granted his bid petition.
Mike O'Farrell, spokesman for L&M, said no objections were raised during the hearing.
"We now continue our process of due diligence," he said.
The New London-based nonprofit hospital has proposed acquiring The Westerly Hospital for $69 million in financial and other assets. Hospital officials have characterized it as both a growth opportunity and a defensive strategy to keep for-profit hospital management companies out of its patient service area. Westerly Hospital Holdco, an affiliate of a New Jersey-based for-profit hospital management company, is among health care firms that previously expressed interest in purchasing The Westerly Hospital.
During a previous interview, Russo said he expected that a sales hearing would take place in mid-August, with a closing in January. Health care regulators in both Rhode Island and Connecticut would have to give final approval of the sale.
Stories that may interest you
This summer, consider dips with chips and fresh vegetables, outside, with no double-dipping.
Stonington police on Monday afternoon identified the white couple wanted in connection with the beating of a Black woman while she worked at the Quality Inn on June 26.
The Judicial Branch is resuming some court operations in Superior Court in Norwich and seven other locations throughout the state on July 20.
Gov. Ned Lamont confirmed Monday that he will postpone the launch of the third phase of the state’s reopening effort.