PROVIDENCE – Five bids have been received for the financially troubled Landmark Medical Center in Woonsocket, according to Bill Fischer, spokesman for the court-appointed special master Jonathan Savage.
But the special master will not be submitting a recommendation to Superior Court Judge Michael A. Silverstein on Friday, as originally scheduled.
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Instead, all the bids will be submitted under seal, until a matter of whether or not to redact potential proprietary information by bidders in any public documents is resolved.
“A number of bidders have asked the special master that certain information that they deem proprietary be redacted from the bids, before they are unveiled to the public and shared with various stakeholders,” Fischer said.
As a result, Savage will be filing a motion asking the court for direction on how to proceed. “We will use the scheduled hearing on April 6 to address this matter.”
Fischer called the five bids “really good news,” and said that he felt the additional hearing would cause only “a slight delay” in the process in the purchase of Landmark Medical Center.
Fischer said that after receiving direction from the court regarding the potential redaction of proprietary information, a hearing would be scheduled shortly thereafter to proceed with a recommended bidder, and how that bid will be selected.
“We are being very cautious to protect the integrity of this process,” Fischer said, declining to answer any questions about potential bidders. “This includes being mindful of the judge and his wishes on this as it unfolds.”
Three for-profit hospital acquisition companies, all based in Tennessee, have emerged in recent weeks as potential bidders.
RegionalCare, based in Brentwood, Tenn., has signed a nonbinding, nonexclusive letter of intent to acquire Landmark for an undisclosed sum. In addition, both Transition Healthcare Company, LLC, with headquarters in Franklin, Tenn., and Capella Healthcare Inc., also with headquarters in Franklin, Tenn., have expressed potential interest in making a bid.
