Westerly Hospital Receivership Donates $1M Back to Hospital
June 2015
From the Providence Journal -- WESTERLY, R.I. -- Westerly Hospital is getting something of a bonus as it reaches the formal conclusion of its receivership: The community hospital will receive $1 million from what's left in a reserve fund.
"Today we donated $1 million back to the hospital," said lawyer Mark Russo, who served as special master during the receivership. "It has to be put to the upgrade of the cardiac catheterization lab."
The hospital's financial woes truly ended when sold for $60 million in June 2013 to Lawrence Memorial Hospital of New London, Ct. The hospital assumed about $16 million in debt while the special master paid about $40 million in claims.
Read more of
Providence Journal article here.
Read Westerly Sun article here.
