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(Iowa City, IA) -- Mercy Iowa City has signed a letter of intent with the state for University of Iowa to acquire the facility. The move comes after the hospital's Texas-based investor filed to have Mercy forced into receivership and take over operations in July. Mercy Iowa City has filed a voluntary Chapter 11 bankruptcy reorganization ahead of the sale. The deal must be approved by the court, the state, and University of Iowa's Board of Regents. In the meantime, Mercy Iowa City will continue to operate as normal.
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