PROVIDENCE, R.I. (AP) — Rhode Island’s attorney general says he will approve the sale of two hospitals under certain conditions, including that current ownership puts $80 million in escrow to ensure that the hospitals stay viable for at least five years.
The $80 million is significantly less than what Attorney General Peter Neronha had sought in April from Prospect Medical Holdings, the California-based company that owns Roger Williams Medical Center and Our Lady of Fatima Hospital.
Neronha had required Prospect to put up to $150 million in escrow, an amount a company spokesperson said could lead to the closure of both hospitals.
A message seeking comment was left with a Prospect spokesperson.