Dolphin Cove gives notice of parent company insolvency, but says Jamaican operation will continue

 




Dolphin Cove Limited has informed the market via the Jamaica Stock Exchange that Controladora Dolphin, S.A. de C.V. (also known as Dolphin Discovery) (Mexico), which owns 90 per cent of its immediate parent company, World of Dolphins Inc, (Barbados), has initiated voluntary proceedings under Mexico’s concurso mercantil process (a corporate restructuring and insolvency procedure under Mexican law).

It notes also that World of Dolphins Inc, has pledged its 79.99% shareholding in Dolphin Cove as collateral for a note purchase agreement on behalf of Controladora/Dolphin Discovery. Dolphin Cove Limited has given no guarantees or undertakings or pledged or encumbered any assets in relation to the obligations of any group enterprise or other party whatsoever.

The company stated, “It is our understanding that the concurso mercantil process initially provides for a conciliation phase of up to 365 days during which Controladora may reach agreements with its creditors. If no agreement is reached, the process may move to a liquidation phase.”

The company stated that Dolphin Cove Limited’s operations continue unaffected and the Company will maintain its independent operational status. “The Board will continue to monitor the situation and make further disclosures as required. Shareholders and other market participants should be guided accordingly,” it was stated.

Dolphin Cove belongs to the Dolphin Discovery Group since late 2015, and now it’s part of a family of 24 parks in 9 countries and 2 continents.

In February 2001, Dolphin Cove opened its doors just across the road from Dunn’s River Falls in Ocho Rios. Originally the Burrows' family home, it was transformed into a three-acre marine park with initially four dolphins as the star attractions and since then, has undoubtedly risen to become the country’s leading tourism attraction.

Just 4 years later in 2005, Half Moon Dolphin Lagoon became the second Dolphin Cove park, right at the heart of the Half Moon Resort, becoming a one of a kind attraction exclusive to their guests. In 2010 Dolphin Cove Montego Bay (previously Dolphin Cove Negril) opened the door of its 23 acre of ocean frontage for all their visitors and finally in 2015 Dolphin Cove settled the 4th park in Jamaica at Moon Palace Jamaica Grande, another wonderful location exclusive for the hotel’s guests.

Dolphin Cove interactive programmes include Mini-boats and exploring the coast, interacting and snorkeling with stingrays, petting the camels, watching shark show, and a glass-bottom kayak ride to explore the fascinating underwater world, as well as interacting with exotic birds, snakes and iguanas on the Jungle Trail walk.

Caribbean Money Daily

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