PROVIDENCE, R.I. (AP) -- A Los Angeles-based health care company is entering into a joint venture with CharterCare Health Partners, the owner of two Rhode Island hospitals.
The Providence Journal reports Thursday that Prospect Medical Holdings has signed a letter of intent with CharterCare, the first public step in the acquisition process. CharterCare owns Roger Williams Medical Center in Providence and Our Lady of Fatima Hospital in North Providence.
The plan calls for the creation of a new for-profit company that would be jointly owned by Prospect and CharterCare. Prospect would be the majority owner.
The newspaper reports that Prospect has pledged to pay off CharterCare's $34 million in debts and invest an undisclosed amount of cash in improvements.
Prospect owns and operates several hospitals in California and Texas.
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