The Dolphin Company Files Chapter 11 Cases in the United States to Restructure Its Business and Address Financial Challenges

• The Company's restructuring efforts are designed to allow the Company to stabilize its business, protect employees, ensure the ongoing safety of animals, address vendor obligations, and continue to provide a one-of-a-kind experience for its guests.
   
• The chapter 11 filing is intended to enable the Company to pursue a successful restructuring of its capital structure to improve its financial position.
   
• Through this process, the Company is securing debtor-in-possession (DIP) financing from its incumbent lending groups, which will provide new capital to support the chapter 11 process, ongoing operations, and address outstanding financial obligations.

CANCUN, Mexico, March 31, 2025 /PRNewswire/ -- The Dolphin Company ("the Company"), the largest aquatic theme park operator in Latin America and the world's leading dolphin company, announced today that it has voluntarily filed Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. This strategic move aims to address short-term liquidity needs and resolve challenges regarding the Company's capital structure, while ensuring the continuation of its operations and placing a strong emphasis on animal safety and wellbeing.

The Chapter 11 filing will allow The Dolphin Company to restructure its financial obligations while upholding its goal of providing unparalleled aquatic experiences to visitors worldwide. This decision aims to enhance business operations, animal welfare, guest experiences, employee engagement, and vendor relationships.  

Through the Chapter 11 filing process, the Company has also completed a transition in leadership. Oversight of the business will be shared between Independent Director, Steven Strom, of Odinbrook Global Advisors and Chief Restructuring Officer, Robert Wagstaff, of Riveron Management Services. Their combined expertise will be essential in guiding the business through the restructuring process and positioning it for long-term financial stability and growth.

"This restructuring will best enable the company to restructure under Chapter 11, a well-recognized court-approved process, while improving the welfare of our animals, ensuring a seamless experience for employees, and delivering an enhanced guest experience," said Independent Director Steven Strom. "By taking this proactive step, we are ensuring that The Dolphin Company can continue to offer world-class attractions and immersive experiences to the millions of guests who visit our parks each year."

"Since its inception, the mission of the business has been to 'create and share unforgettable experiences in harmony with the environment.' A high priority throughout the business is ensuring safe environments for all animals," Strom continued.

New management has expressed its intent to collaborate closely with state, federal, and international authorities to address ongoing requests and investigations related to the health and safety of animals. "We're focused on achieving the best possible outcomes for the Company, including striving to provide best in class habitats and living conditions for its animals. To that end, we plan to enlist the help of marine biology and veterinary experts while also fully cooperating with the appropriate regulatory bodies," said Chief Restructuring Officer Robert Wagstaff.

The Company is securing commitments for DIP financing, which will provide essential liquidity to maintain ongoing operations and support restructuring efforts. The Company is confident that this process will allow it to emerge with a stronger balance sheet and a more sustainable financial foundation.

The Dolphin Company appreciates the continued support of its employees, customers, vendors, and business partners throughout this process. Additional information about the Chapter 11 filing, including court documents and claims information, can be found at (https://www.veritaglobal.net/dolphinco); or by calling 888-733-1434 (U.S./Canada) or 310-751-2633 (International).

During this process, the Company is being advised by Young Conaway Stargatt & Taylor, LLP as legal advisor; Odinbrook Global Advisors, as Independent Director; Riveron Management Services to provide a Chief Restructuring Officer; and Riveron Consulting as Financial Advisor; and is currently engaging an investment banking advisor.

ABOUT THE DOLPHIN COMPANY

The Dolphin Company is an aquatic park operator with a global presence, operating 30 parks and dolphin habitats in 8 countries, focusing on interactive experiences with marine mammals and promoting environmental stewardship through education and conservation efforts.

SOURCE The Dolphin Company