Mercy Iowa City announced its bankruptcy auction is now over, with the best bid backed by an investor the hospital was previously at odds with.
According to Mercy, investors led by Preston Hollow Community Capital and its operational partner American Healthcare Systems (AHS), provided the best overall bid during the bankruptcy auction.
AHS is expected to take over operational and financial responsibility of the hospital with Preston Hollow’s backing as early as mid-November, once final approval is given by the bankruptcy court, KGAN reports.
Mercy Iowa City said earlier this month it had received at least one bid to compete with the University of Iowa’s $20 million offer to purchase substantially all its assets as part of the hospital’s Chapter 11 bankruptcy petition. Read more.
