Bond investors with Preston Hollow Community Capital were the highest bidders in Mercy Iowa City's bankruptcy auction. Preston Hollow Community Capital is a Dallas-based company worth billions of dollars, KWWL.com reported. Operations at the facility will be managed by American Healthcare Systems, which officials say has experience in rehabilitating clinics across the United States. Ownership of the hospital will be organized as a not-for-profit group. Chairman and CEO of Preston Hollow Community Capital Jim Thompson said, "Since making a major financial investment in Mercy Iowa City in 2018, Preston Hollow Community Capital has been committed to ensuring that Johnson County residents can continue accessing critical health care services through a community-based hospital.… The Preston Hollow team is pleased that this critical goal will be met for many years to come now that our bid to acquire the hospital has been approved.” Preston Hollow Community Capital will make "significant" capital investments in order to stabilize the hospital's operations.
