Case filing & court posture: Leisure Investments Holdings LLC (d/b/a The Dolphin Company) filed for Chapter 11 protection on March 31, 2025 in Delaware (Case No. 25-10606). Dkt. 1 Judge Laura Selber Silverstein presides.
Liquidity & financing path: The debtors obtained a $16 million DIP facility, comprising $8 million in new money and $8 million in roll-up of first lien obligations at 11% PIK interest. Dkt. 40 Interim order approved April 4, 2025. At filing, the debtors carried approximately $206 million in funded debt held primarily by Prudential, Cigna, and Sculptor Capital. Dkt. 10
Restructuring outcome: The debtors pursued a sale-based reorganization strategy. Dkt. 299 Bidding procedures approved July 2, 2025. Dkt. 402 Multiple 363 sales completed including Miami Seaquarium lease ($22.5M), Marineland real property ($7.1M) and business ($6.5M), and Gulf World ($4.55M).
Current status: Case remains pending with exclusivity extended to April 27, 2026 for plan filing and June 29, 2026 for solicitation. Dkt. 944 The debtors continue to market remaining assets under court-approved procedures.
