Projo Biz Blog

A Superior Court judge said this morning he will need another week before he can name a health-care expert to help oversee financially ailing Landmark Medical Center.

During a brief hearing this morning, Judge Michael A. Silverstein told a courtroom packed with lawyers and state officials that he has held five sets of interviews so far in his search for someone to take on the role of "co-special master" of the Woonsocket hospital.

Silverstein made his remarks at the conclusion of a presentation by Jonathan N. Savage, the Pawtucket lawyer the judge chose last month to temporarily oversee Landmark.

Landmark petitioned the court to clear the way for a potential merger with another hospital.

The hospital has been losing money for many years. At the end of the last fiscal year, Landmark was $7.2 million in the hole.

According to Savage, the hospital owed about $6 million to various creditors before last month's receivership petition and has accumulated bills of approximately $1.1 million more since then.

Landmark has $7 million in cash on hand and about $2.5 million in reserve accounts to make principal and interest payments on $12.5 million in outstanding bonds, he said.

Savage will continue as "special master" of Landmark at least until next Thursday, when Silverstein said, he will choose from among the candidates he's interviewed for the role.

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