Two weeks ago, Mercy Iowa City announced Preston Hollow Community Capital had won the bankruptcy auction for its assets, calling the Dallas-based specialty finance company’s $29 million bid the “highest and otherwise best bid.” All that remained was to finalize the provisions of the sales agreement for Mercy’s 234-bed Iowa City hospital, the Mercy Family […]
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Mercy Iowa City sale stalls as Mercy and the Texas-based auction winner disagree over terms
Last week, it seemed all the major issues surrounding Mercy Iowa City’s bankruptcy had been resolved. One of its principal creditors, Preston Hollow Community Capital, a Texas-based specialty finance company, had won the auction of Mercy’s assets, the hospital announced on Oct. 10. In a statement, Mercy called Preston Hollow’s bid the “highest and otherwise […]
