The Dolphin Company files for Chapter 11

June 2025 | DEALFRONT | BANKRUPTCY & CORPORATE RESTRUCTURING

Financier Worldwide Magazine

June 2025 Issue

In a move intended to enable a successful restructuring of its capital structure and improve its financial position, aquatic theme park operator The Dolphin Group has voluntarily filed for Chapter 11 bankruptcy protection.

The filing aims to address short-term liquidity needs and resolve challenges regarding the company’s capital structure, while placing a strong emphasis on animal safety and wellbeing, as well as enhancing business operations, guest experiences, employee engagement and vendor relationships.

The company is also securing commitments for debtor-in-possession 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.

Through the Chapter 11 filing process, the company has also completed a transition in leadership.

Steven Strom of Odinbrook Global Advisors will act as independent director, with Robert Wagstaff of Riveron Management Services as chief restructuring officer.

This combined expertise, states the new leadership, will be essential in guiding the business through the restructuring process and positioning it for long-term financial stability and growth.

With 30 parks and dolphin habitats in eight countries, including Seaquarium and Gulf World in Florida, The Dolphin Company is the largest aquatic theme park operator in Latin America. It focuses on interactive experiences with marine mammals and promoting environmental stewardship through education and conservation efforts.

“This restructuring will best enable the company to restructure under Chapter 11, while improving the welfare of our animals, ensuring a seamless experience for employees, and delivering an enhanced guest experience,” said Mr Strom. “Since its inception, the mission of the business has been to ‘create and share unforgettable experiences in harmony with the environment’.”

The restructuring process coincides with a US Department of Agriculture (USDA) report, filed in January 2025, which reported dangerously low water levels in the dolphins’ tank, which led to four dolphins sustaining injuries. The USDA report also cited that Seaquarium lacked proper documentation of employee training in animal care and handling.

The 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 are focused on achieving the best possible outcomes for the company, including striving to provide best in class habitats and living conditions for its animals,” said Mr Wagstaff. “To that end, we plan to enlist the help of marine biology and veterinary experts while also fully cooperating with the appropriate regulatory bodies.”

During the Chapter 11 process, the company is being advised by Young Conaway Stargatt & Taylor, LLP as legal adviser and Riveron Consulting as financial adviser, in addition to the aforementioned Odinbrook Global Advisors and Riveron Management Services.

“By filing for Chapter 11, 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,” concluded Mr Strom. “The company appreciates the continued support of its employees, customers, vendors and business partners throughout this process.”

Fraser Tennant