THE DOLPHIN COMPANY PROVIDES UPDATE FOLLOWING DELAWARE BANKRUPTCY COURT RULING

Court Denies Motion to Dismiss and Reaffirms Continuation of Chapter 11 Process Under Existing Management

CANCUN, Mexico, Aug. 7, 2026 /PRNewswire/ -- The Dolphin Company today announced that the United States Bankruptcy Court for the District of Delaware has denied in its entirety a motion seeking dismissal of the Chapter 11 case of Controladora Dolphin, S.A. de C.V., relief from the automatic stay, and vacatur of prior court orders finding former executive Eduardo Albor in willful violation of court orders and the automatic stay, and levying sanctions against Mr. Albor on account of such violations. In a detailed memorandum opinion issued on August 4, 2026, the Honorable Laurie Selber Silverstein concluded that the Chapter 11 proceedings should continue and rejected arguments advanced by Mr. Albor. This ruling underscores that, contrary to reports in the Mexican press based on false and misleading reports issued by prior management, Mr. Albor has no authority to act on behalf of the Company.

The Court's ruling follows a two-day evidentiary hearing and addresses false claims that a Mexican court order allegedly reinstated Mr. Albor as president of Controladora Dolphin and invalidated the Company's current governance structure. The Court expressly found that the March 31, 2026 amparo order did not reinstate Mr. Albor, did not invalidate the corporate actions that resulted in the appointment of current management, and did not provide grounds for dismissal of the Chapter 11 cases.

Key Points from the Court's Memorandum Opinion

• The motion to dismiss was denied in its entirety.
• The Court declined to grant relief from the automatic stay to permit further litigation in Mexico concerning corporate governance issues.
• The Court concluded that the March 31, 2026 amparo order did not reinstate Mr. Albor as president of Controladora Dolphin.
• The Court found that dismissal of the Chapter 11 cases would not be in the best interests of creditors or the estates and could adversely affect ongoing restructuring efforts, asset transactions, and animal welfare considerations.
• The Court further found that Mr. Albor has been in continuous violation of the automatic stay and Court's prior orders. In light of this, the Court's orders sanctioning him for his willful violations, including notice of sanctions of $10,000 per day on account of continued violation of the automatic stay, remain in effect.

The memorandum opinion also notes that the Court previously recognized the authority of current management to act on behalf of the Debtors and observed that Mexican proceedings cited by Mr. Albor do not establish that he presently controls the Company. The Court further found that the precautionary measures entered by the Mexican Concurso Court did not prohibit actions that resulted in the appointment of current management. 

The Chapter 11 cases remain jointly administered under In re Leisure Investments Holdings LLC, et al., Case No. 25-10606 (LSS), pending before the United States Bankruptcy Court for the District of Delaware. The restructuring process and sale procedures continue under the supervision of that Court. As previously disclosed, the Company has advanced a court-supervised process intended to maximize value for stakeholders while prioritizing operational stability and the continued care of animals across its facilities.

The Company remains committed to conducting all aspects of the restructuring and sale process in accordance with applicable law, the orders of the Delaware Bankruptcy Court, and its ongoing responsibilities to employees, customers, business partners, and the animals entrusted to its care.

Proceeding Information

The Chapter 11 cases are jointly administered under the lead case In re Leisure Investments Holdings LLC, et al., Case No. 25-10606 (LSS), before the United States Bankruptcy Court for the District of Delaware.

Proceeding Documents

Official information regarding the proceeding, including Court documents and claims information, is available through Verita Global's case website (https://www.veritaglobal.net/dolphinco).

For Further Information

Public Relations Department
The Dolphin Company
Email: [email protected]

About The Dolphin Company

For more than 30 years, The Dolphin Company has provided marine and nature-based experiences throughout Mexico and the Caribbean. Through its parks, habitats, and marinas, the Company is dedicated to delivering memorable guest experiences while promoting environmental awareness, conservation, and animal welfare.

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SOURCE Leisure Investments Holdings LLC, et al. (The Dolphin Company)