Photo: Iowa's News Now
(Iowa City, IA) -- The University of Iowa says they were the better choice for Mercy Iowa City.
In a statement on their website, U-of-I says their final bid for the hospital was $28 million, but they also planned on making $25 million in immediate upgrades. A University representative expressed disappointment in the outcome of the bankruptcy auction, saying their bid was in the best interest of Mercy Iowa City employees, and patients.
An undisclosed winning bid by Mercy Iowa City's largest bondholder, Preston Hollow Capital, still needs approval from a bankruptcy judge. If approved, Mercy would be run as a non-profit hospital by Preston Hollow partner, American Healthcare Systems.
Photo Credit: Iowa's News Now