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Lawrence & Memorial Hospital Submits $69M Bid for Westerly Hospital

Lawrence & Memorial Hospital in New London, Conn., has submitted a $69 million bid to purchase Westerly (R.I.) Hospital, according to a Boston Globe report.

Mark Russo, the special master in charge of Westerly Hospital's receivership, filed a petition Wednesday in Rhode Island Superior Court for a "stalking horse" bid from L&M, according to the report. The bid, which includes assuming $22 million of Westerly Hospital's debt, will be used as a base for other competing bids. According to the report, five to six hospitals have submitted bids for Westerly Hospital.

More Articles on Westerly Hospital Transaction:

Lawrence & Memorial Hospitals Renews Interest in Acquiring Westerly Hospital
Westerly Holdco Submits Offer for Westerly Hospital in Rhode Island
Rhode Island's Westerly Hospital Expected to Hit the Market in February

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