Gulf World and Dolphin Company ask for $8 million in credit in bankruptcy filing

PANAMA CITY BEACH, Fla. (WJHG/WECP) - Gulf World Marine Park has filed for bankruptcy relief under the provisions of Chapter 11 of the United States Bankruptcy Code in the District of Delaware. Chapter 11 is one of the two types of bankruptcy forms a business can file, allowing the company to reorganize its debt.

This comes after four dolphin deaths and an investigation into deteriorating facilities, and attorneys say filing for bankruptcy serves as a negotiation tool to try to fix debt and financial problems.

“A lot of times, you file for bankruptcy ‘cause it’s better than your other alternatives, and part of the bankruptcy process is figuring out what success looks like,” said Michael Wynn, Bankruptcy Attorney with Wynn & Associates PLLC.

In Gulf World’s petition for bankruptcy, the company is asking for $8 million of credit from Triton Investment Holdings for the benefit of reorganizing debt and addressing financial challenges.

Gulf World Marine Park’s owner, the Dolphin Company, announced in February of 2025 that they were initiating a process to restructure their financial liabilities under a Mexican court. This Monday, the company officially filed for bankruptcy, alongside Gulf World, and 13 other companies under the same administration were included in the filing.

“If a number of these businesses and facilities are struggling and are not able to meet their operational costs, then you need some amount of funding which is lent to the debtor in possession against a number of its assets in order to be able to provide funding and finances to operate and to wind those businesses down,” said attorney Wynn.

Attorneys say this bankruptcy filing allows Gulf World to enter into an automatic stay, which stops most lawsuits and creditors from attempting to collect debts. This allows the park to continue operations but also allows the investigation by state and local agencies to remain.

“It may not be in the best interest of the debtor to continue having an open facility at Gulf World Marine Park, but it may be in the best interest of the debtor to continue as an ‘operational business’ during the re-organization,” said attorney Wynn.

He also says the dolphins and other animals are all considered assets and collateral of the business through this bankruptcy filing. According to Wynn, this bankruptcy petition is just the initial document.

In the coming days, there will be a series of first-day motions, which the United States District Court of Delaware will decide on this bankruptcy case, such as the interim approval of funding motions and will likely the wellbeing of the animals on a preliminary basis. News Channel 7 will listen to these hearings and bring you the latest.

(RELATED: Gulf World Marine Park Inc. files for bankruptcy)