Two days have passed since Mercy Iowa City opened an auction for substantially all its assets, and the hospital will head into the weekend without a new owner or operator notifying a U.S. bankruptcy judge Friday afternoon the auction “will resume next week.”
Of nearly 400 companies or individuals with “nonpriority unsecured claims” against Mercy Iowa City – meaning the hospital owes them money but will pay them back last, if at all, in its bankruptcy restructuring – more than a dozen are litigants who sued and won settlements, awards, or judgments.
Accusing Mercy Iowa City Hospital of misdirecting blame for its “prolonged, observed deterioration over the course of several years” that brought it to “being liquidated through a bankruptcy fire sale process for a mere $20 million,” bondholders have asked a judge to appoint an examiner to answer several of its key questions.
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