The Dolphin Company clarifies Chapter 11 sale process under Delaware court oversight

The Dolphin Company said its asset sale process in Chapter 11 is being supervised by the U.S. Bankruptcy Court for the District of Delaware, and that Steven Strom and Robert Wagstaff remain the company’s authorized representatives. The company also clarified that the court record shows Delphinus Blue Planet as the only bidder considered and does not reflect Grupo Xcaret’s participation.

Why it matters: - The clarification narrows confusion around who is running The Dolphin Company’s restructuring and who is involved in the asset sale process. - The company is seeking court approval for any transaction involving certain Mexican parks and facilities, making the Delaware court’s role central to the outcome. - The status of the sale affects how the company handles animals currently under its care and the future of related operations.

What happened: - The Dolphin Company said the sale process is taking place under the ongoing supervision of the U.S. Bankruptcy Court for the District of Delaware in case No. 25-10606 (LSS). - Steven Strom, an independent director, and Robert Wagstaff, the chief restructuring officer, remain the duly authorized representatives leading the restructuring. - The company said there is no current Mexican insolvency proceeding supervising the restructuring of any entity within The Dolphin Company. - The company said the sale process is subject to court-approved procedures and final approval rests exclusively with the bankruptcy court. - The clarification was issued in response to a July 27, 2026 bulletin attributed to the former management of The Dolphin Company.

The details: - The restructuring is being handled jointly under In re Leisure Investments Holdings LLC, et al., Case No. 25-10606 (LSS), before U.S. Bankruptcy Judge Laurie Selber Silverstein. - The Delaware court appointed Strom and Wagstaff in an April 30, 2025 order, docket No. 106. - The company said it held discussions and an evaluation process with Delphinus Blue Planet to examine the integration of marine mammals currently under its care. - The court record shows the proposal submitted for consideration was exclusively Delphinus Blue Planet’s. - The record does not show Grupo Xcaret participating in the sale process. - The bid was evaluated using criteria that included economic value, execution certainty, financial strength of the bidder, operational viability and regulatory compliance. - The proposal was presented to the court in a motion filed July 24, 2026, docket No. 1353, seeking approval to sell assets and assign rights tied to certain Mexican parks and facilities of Controladora Dolphin, S.A. de C.V., free and clear of liens and other encumbrances. - The administration selected the Delphinus Blue Planet proposal for court consideration through the judicially approved bidding process. - The company said the current administration must run the process in line with court-approved Chapter 11 procedures. - Official case documents and claims information are available through Verita Global at official case documents and claims information. - Verita Global’s phone numbers are 888-733-1434 for the U.S. and Canada and 310-751-2633 internationally. - The debtors’ legal counsel is Young Conaway Stargatt & Taylor, LLP, based in Wilmington, Delaware.

Between the lines: - The statement appears aimed at separating the current court-supervised restructuring from messages issued by prior management. - By emphasizing the court record, The Dolphin Company is signaling that only the Delaware process controls the sale outcome. - The focus on marine mammal care suggests the sale has operational and animal welfare implications, not just financial ones.

What's next: - The Delaware bankruptcy court will decide whether to approve any sale transaction. - The restructuring and sale process will continue under the procedures already approved by the court. - Parties needing case updates can use the court-designated notice and claims agent for filings and claims information.

The bottom line: - The Dolphin Company says its Chapter 11 sale remains a Delaware court process, with current management in charge and final approval still pending.