Mercy Iowa City receives court approval of bid procedures

By Sarah Lizee

Olympia, Wash., Sept. 14 – Mercy Iowa City received approval of the bid procedures for its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Iowa.

As previously reported, the University of Iowa has offered to serve as stalking horse bidder for all the operating facilities and key assets of the debtor’s hospital for a purchase price of $20 million and assumed liabilities.

Under the bid procedures, the bid deadline is 6 p.m. ET on Oct. 2, an auction is scheduled for Oct. 4, and a sale hearing will take place on Oct. 10.

The Iowa City-based hospital filed Chapter 11 bankruptcy on Aug. 7 under case number 23-00623.

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