With Mr. Stern’s approval, the acquisition can receive regulatory review prior to the actual closing, according to the release.
According to the agreement, L&M is committed to maintaining Westerly as an acute-care facility for at least five years, and all clinical services will continue for at least two years after Westerly is officially acquired. L&M will assume all of Westerly’s current secured debt and has promised $6.5 million in working capital. The agreement also calls for an investment of $30 million from L&M over a five-year period to address improvements in technology, equipment and the physical plant, according to the report.
More Articles on Lawrence & Memorial, Westerly Hospital Acquisition:
Superior Court to Rule on Lawrence & Memorial Hospital’s Bid for Westerly Hospital
L&M Memorial Hospital is Lone Bidder for Westerly Hospital in Rhode Island
Judge Approves Lawrence & Memorial’s $69M Bid for Westerly Hospital in RI
