The auction for Mercy Iowa City’s assets remains unresolved. After a late-night continuance of the auction on Wednesday to further negotiations, and no further action Thursday, Mercy still hangs in the balance.

According to court filings, the auction was postponed to a later date, with no specifics provided, but the document stipulated that the final decision would be reached before the Oct. 10 sale hearing in Cedar Rapids.

The auction results were not announced on Thursday, with no timeline for their release or the conclusion of the bid made public.

In August, the University of Iowa Hospital and Clinics, with the unanimous approval of the state Board of Regents, entered a “stalking horse bid” that set the floor for a bid on Mercy’s assets at $20 million. According to bidding procedures, all competing bids must meet the $20.9 million mark, plus an $800,000 fee to be paid to the UI and a minimum bid increment of $100,000.

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The chapter 11 bankruptcy proceedings come after bondholder Preston Hollow Community Capital and master corporate trustee Computershare Corporate Trust, N.A. sued Mercy Iowa City and asked the courts to enter the hospital into a receivership after a financial report showed the hospital was losing millions monthly and operating on a “cash burn.”

Even after the auction concludes, a long-drawn-out bankruptcy proceeding is ahead of Mercy Iowa City as they navigate their debts, assets, and restructuring under federal bankruptcy proceedings.