Dolphins for sale: Bankrupt Mexican water park operator to sell assets

Liquidators appointed for the Mexican-American water park operator, The Dolphin Company, have asked the bankruptcy court in Delaware to approve the sale of some of its assets, including the animals, according to a report by Bloomberg. The company, which filed for bankruptcy protection last year after lenders ousted long-time CEO Eduardo Albor, is looking to sell water parks in Cancun, Mexico, as well as 87 dolphins and other marine animals. Since falling into crisis, the company has already sold several parks in the US and Europe.

The request to the court was filed after Rodrigo Constandse Cordova, CEO of the competing company Delphinus, signed a contract to purchase the parks, 87 dolphins, 6 sea lions, and 8 manatees for $20 million. Due to the bankruptcy proceedings, a judge must approve the deal before it can proceed.

The move comes amid an ongoing dispute between the ousted CEO and the liquidators. A judge in a US court even fined Albor $10,000 a day for interfering with the park's operations by diverting funds from ticket sales. At the same time, Albor has petitioned to cancel the bankruptcy, a move that could pave the way for his return to the company. He claims that the financial problems the company encountered were caused by the coronavirus pandemic.

The conflict between the two parties also included a series of messages that Albor sent in March to the lenders' lawyer, in which he used derogatory language. Earlier, he was arrested for a week in Mexico City after failing to appear in court for hearings related to disputes with the lenders.

The company was founded in 1994 on Isla Mujeres with only four dolphins, and later merged with nearby parks. Albor, a lawyer by profession, took over the company in 1999 and expanded it with sites in the Caribbean as well.