The deal is finally done. On Monday, the judge overseeing the bankruptcy of Mercy Iowa City approved its sale to the University of Iowa. But the judge’s approval, which was needed for any deal to purchase Mercy’s assets, doesn’t mean all the details of the deal are in place just yet. “Mercy attorneys during a […]
Preston Hollow
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UI announces it has won Mercy Iowa City at auction, after the last purchase agreement collapses
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 […]
Posted inCommunity/News
Mercy Iowa City bought in bankruptcy auction by Texas-based finance company
Preston Hollow Community Capital, the Texas-based specialty finance company that is Mercy Iowa City’s largest creditor, was the winning bidder in the bankruptcy auction of Mercy’s assets, which include the 234-bed Iowa City hospital, as well as the Mercy Family Medical Centers in Kalona, Tipton, West Liberty and Williamsburg. Mercy filed for Chapter 11 bankruptcy […]
