Bondholder Preston Hollow Community Capital won out in the auction, outbidding stalking horse bidder the University of Iowa.
But disagreements over how operating losses will be funded from Dec. 1 are preventing a final sale of the hospital, Mercy Iowa City said in a statement provided to Becker’s.
Court documents on the issue filed by Preston Hollow include “inaccurate and inappropriate statements,” Mercy said.
Preston Hollow bid $29 million for the hospital, according to an Oct. 19 The Gazette report, outbidding UI Health by just $1 million.
“Mercy Iowa City continues to negotiate in good faith with Preston Hollow Community Capital regarding their bid to purchase Mercy,” the hospital added.
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