The Dolphin Company clarifies Delaware Chapter 11 sale process

The Dolphin Company said its Chapter 11 asset sale remains under Delaware Bankruptcy Court supervision and that current management continues to run the restructuring. The company also clarified that Delphinus Blue Planet’s proposal was the one submitted to the court, while no Mexican insolvency proceeding is overseeing the restructuring.

Why it matters: - The sale process for The Dolphin Company’s assets remains subject to court approval, which determines whether any transaction can close. - The company’s clarification narrows uncertainty around who is authorized to lead the restructuring and how bids are being evaluated. - The outcome affects the restructuring of multiple entities tied to The Dolphin Company and the fate of certain Mexican parks and facilities.

What happened: - The Dolphin Company issued a clarification on July 30, 2026, responding to a July 27 press release attributed to prior management. - The company said Steven Strom, independent director, and Robert Wagstaff, chief restructuring officer, remain the duly authorized representatives leading the restructuring. - The sale process is being overseen by the United States Bankruptcy Court for the District of Delaware in Case No. 25-10606 (LSS). - The company said no Mexican insolvency proceeding is currently overseeing the restructuring of any entities that comprise The Dolphin Company. - Final approval of any sale transaction rests exclusively with the Bankruptcy Court.

The details: - The Chapter 11 cases are jointly administered under In re Leisure Investments Holdings LLC, et al., Case No. 25-10606 (LSS), before Judge Laurie Selber Silverstein. - The Bankruptcy Court appointed Strom and Wagstaff by order dated April 30, 2025, under Docket No. 106. - The sale process remains subject to court-approved procedures under Chapter 11 of the U.S. Bankruptcy Code. - The company said it engaged in dialogue and evaluation with Delphinus Blue Planet to assess the integration of the marine mammals currently under its care. - Court records show the proposal submitted for the court’s consideration was exclusively Delphinus Blue Planet’s. - The record does not reflect any participation by Grupo Xcaret in the sale process. - Acquisition proposals were evaluated on economic value, certainty of execution, the bidder’s financial capacity, operational viability and regulatory compliance. - Management selected the Delphinus Blue Planet proposal to be presented to the court through a motion filed July 24, 2026, seeking approval to sell assets and assign rights for certain Mexican parks and facilities of Controladora Dolphin, S.A. de C.V. free and clear of liens and other encumbrances.

Between the lines: - The clarification appears aimed at correcting the record after a prior-management statement and reinforcing that the current restructuring team controls the process. - By emphasizing court supervision and bid criteria, The Dolphin Company is signaling that the sale process is being run through formal bankruptcy channels rather than through outside negotiations. - The mention of marine mammals and operational viability suggests the court will weigh not just price, but also whether a buyer can safely run the assets.

What's next: - The Bankruptcy Court will decide whether to approve any proposed transaction. - The company must continue following the court-approved sale procedures and all Chapter 11 requirements. - Official court documents and claims information are available through the court-appointed notice and claims agent, Verita Global, at official proceeding information.

The bottom line: - The Dolphin Company says its restructuring and asset sale are still controlled by Delaware bankruptcy proceedings, and no deal is final until the court signs off.