The United States Bankruptcy Court held a hearing on the sale process for Central Iowa Healthcare. At the hearing, Judge Anita Shodeen issued orders that provide a framework for the sale to move forward.

1) The bankruptcy process timeline has been extended, with the auction sale set for March 16th. The judge extended the timeline after considering requests for the extension from the Creditors’ Committee and the U.S. Trustee. The request was made to allow potential bidders the opportunity to fully participate in the process.

2) It was determined that the auction will be an open process without a “stalking horse” purchaser, which had previously been UnityPoint Health-Waterloo (UPH-W). As has been stated previously, the auction process allows for multiple bidders to participate. Other interested parties have requested information and have been represented at the proceedings.

3) Under the timeline set by the court at today’s hearing, interested parties will be entitled to place bids by a date to be set during the week of March 13, 2017, with a hearing to approve a sale to the party providing the highest and best bid to occur by March 17, 2017.

Current operations at CIH will continue. CIH counsel, financial advisors and administration are communicating and participating with all of the potential bidders and providing information as requested.