Hunter
10/17/23
University of Iowa Vice President of Medical Affairs Denise Jamieson revealed the UIHC’s final and eventual losing bid for Mercy Iowa City during a question-and-answer session posted on a UI website.
The Daily Iowan reports Jamieson, who is also dean of the Carver College of Medicine, said the losing final bid totaled $28 million. Preston Hollow Community Capital, Mercy’s largest bondholder, leveraged an undisclosed portion of the $63 million owed to them by Mercy as a “credit bid” to take over operations.
Jamieson told The Loop website that although she was disappointed in the outcome, she was pleased to hear that Preston Hollow intends to keep Mercy operating as a hospital.
Before Mercy declared bankruptcy, the UIHC made an initial bid in August 2021 of $605 million. Their initial “stalking horse” bid in September was $20 million. The final auction price has not been disclosed.
The full Q&A with Jamieson can be found at https://medcom.uiowa.edu/theloop/news
