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Mercy Iowa City auction underway in Chicago

Mercy Iowa City hospital in Iowa City, Iowa, on Monday, August 7, 2023. The financially struggling hospital has signed a letter of intent with the University of Iowa to be acquired by the university for a proposed $20 million. The hospital and employees would transition to UI Health Care.   (Jim Slosiarek/The Gazette)

A sale for the property of Iowa Metropolis’s 150-year-old Mercy Hospital was underway in Chicago on Wednesday afternoon — though particulars about bidders and outcomes weren’t instantly made public.

As a part of the Chapter 11 chapter petition Mercy filed Aug. 7 after years of monetary decline, the College of Iowa made an preliminary “stalking horse” provide to purchase the group hospital’s property for $20 million.

Anybody eager to compete with that bid needed to make a proposal by Monday. As a result of Mercy acquired no less than one competing bid, an public sale was scheduled for Wednesday morning at regulation workplaces in Chicago.

That public sale wasn’t open to the general public, and a spokeswoman for Mercy Hospital on Wednesday afternoon instructed The Gazette the “public sale course of is underway in Chicago.”

“As soon as the public sale course of is accomplished, info will probably be filed with the court docket after which launched,” Mercy spokeswoman Eileen Wixted, with Wixted & Firm, mentioned.

Neither the Board of Regents nor officers with UI Well being Care mentioned they’d info to share in regards to the public sale on Wednesday afternoon. A spokesman for the regents didn’t reply a query about whether or not the college had been in contact with the board on the matter Wednesday.

Along with no less than one competing bid, a number of collectors owed cash and firms in contract with Mercy filed objections associated to the sale by the Monday deadline.

A closing listening to to think about particulars of a proposed sale is scheduled for 10:30 a.m. Oct. 10.

Vanessa Miller covers larger schooling for The Gazette.

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