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L&M Bid Would Assume Westerly Hospital Debt

Lawrence & Memorial Hospital of New London offers $69 million bid for Rhode Island facility

has submitted a $69 million bid to purchase Westerly Hospital, including an offer to assume $22 million in debt.

The Westerly Sun reports that under the offer, Westerly Hospital would be able to keep its name and non-profit status. The hospital would also keep all clinical services in place for two years and operate as an acute care hospital for five years under Lawrence & Memorial's proposal.

Lawrence & Memorial was one of in Westerly Hospital last month, submitting a non-binding proposal to acquire Westerly Hospital's assets. NS Healthcare Holdco LLC and South County Hospital in Wakefield, R.I. also said they were interested in the hospital.

Last year, Lawrence & Memorial and Westerly began discussions on to align their missions and improve health care in the region. Lawrence & Memorial has a main hospital in New London as well as 10 satellite locations in East Lyme, Groton, Mystic, Old Saybrook, Pawcatuck, and Waterford. Westerly Hospital is affiliated with medical centers in Mystic and Hope Valley, R.I.

These discussions were put on hold after Westerly Hospital in December.

The Sun says a hearing on the offer will take place on June 13 at the Washington County Superior Court in Wakefield.

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