Report on The Dolphin Company’s Bankruptcy and Operational Continuity

Overview

The Dolphin Company, the parent organization of Gulf World Marine Park, filed for Chapter 11 bankruptcy in March. This filing enables the company to reorganize its financial structure while continuing operations at its marine parks globally. However, the company requires financial support to maintain its activities.

Financial Authorization and Operational Implications

In the latest bankruptcy hearing, the Bankruptcy District Court of Delaware authorized a financial agreement allowing The Dolphin Company to secure $18 million in loans and utilize cash collateral to cover expenses. This funding is critical to:

• Maintain business relationships with vendors
• Pay employee salaries
• Cover costs related to animal care and welfare
• Meet other operational needs

Sale and Reorganization Plan

The court-approved agreement includes specific financing milestones with strict timelines:

1. Hire an investment banker and real estate advisor to facilitate the sale of three parks in Italy and three Florida parks: Marineland Dolphin Adventure (St. Augustine), The Dolphin Connection (Duck Key), and Gulf World Marine Park (Panama City Beach).
2. Within 60 days from June 25, request court permission to sell Gulf World Marine Park.
3. Within 7 days of court approval, receive official bids from potential buyers.
4. Seven days after the bid deadline, obtain final sale approval from the court.
5. Complete the sale and transfer ownership of Gulf World Marine Park within 14 days of the final approval.

If these steps proceed as planned, the sale of Gulf World Marine Park could be finalized within approximately three months. Similar timelines apply to the sales of Marineland and The Dolphin Connection, where seven bottlenose dolphins were recently relocated.

Animal Welfare and Sustainable Development Goals (SDGs) Emphasis

The Florida Fish and Wildlife Conservation Commission, alongside partner agencies, is actively managing the removal and relocation of remaining animals at Gulf World Marine Park, including reptiles, penguins, and stingrays. This effort aligns with the following Sustainable Development Goals:

• SDG 14: Life Below Water – Ensuring the conservation and sustainable use of aquatic ecosystems by prioritizing animal welfare during the company’s restructuring.
• SDG 15: Life on Land – Protecting terrestrial wildlife such as reptiles through responsible relocation efforts.
• SDG 8: Decent Work and Economic Growth – Maintaining employment and operational stability during financial reorganization.
• SDG 12: Responsible Consumption and Production – Managing resources effectively to sustain business operations and animal care.

Next Steps and Communication

• The Dolphin Company’s next court hearing is scheduled for July 23.
• Efforts to communicate with Gulf World and The Dolphin Company remain ongoing, with no response to date.
• Updates on animal relocation and company status continue to be monitored by relevant authorities.

Additional Information

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1. Sustainable Development Goals (SDGs) Addressed or Connected

1. SDG 8: Decent Work and Economic Growth
   • The article discusses the bankruptcy and financial restructuring of The Dolphin Company, highlighting the need to maintain business operations, pay employees, and sustain economic activities.
2. SDG 12: Responsible Consumption and Production
   • The company’s efforts to reorganize and sell assets indicate attempts to manage resources responsibly and ensure sustainable business practices.
3. SDG 14: Life Below Water
   • The article mentions animal care and welfare, including dolphins, reptiles, penguins, and stingrays, and the involvement of the Florida Fish and Wildlife Conservation Commission in relocating animals, which relates to the conservation and sustainable use of marine resources.
4. SDG 15: Life on Land
   • Animal welfare and relocation efforts also relate to the protection and conservation of terrestrial and freshwater ecosystems.

2. Specific Targets Under Those SDGs

1. SDG 8: Decent Work and Economic Growth
   • Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
   • Target 8.5: Achieve full and productive employment and decent work for all women and men.
2. SDG 12: Responsible Consumption and Production
   • Target 12.2: Achieve the sustainable management and efficient use of natural resources.
   • Target 12.6: Encourage companies to adopt sustainable practices and integrate sustainability information into their reporting cycle.
3. SDG 14: Life Below Water
   • Target 14.2: Sustainably manage and protect marine and coastal ecosystems to avoid significant adverse impacts.
   • Target 14.4: Effectively regulate harvesting and end overfishing, illegal, unreported and unregulated fishing.
4. SDG 15: Life on Land
   • Target 15.1: Ensure the conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems and their services.
   • Target 15.7: Take urgent action to end poaching and trafficking of protected species.

3. Indicators Mentioned or Implied to Measure Progress

1. For SDG 8
   • Indicator 8.5.1: Employment rate, by sex, age, and persons with disabilities.
   • Indicator 8.3.1: Proportion of informal employment in non-agriculture employment.
   • Implied measurement: Number of employees paid and maintained during bankruptcy proceedings.
2. For SDG 12
   • Indicator 12.6.1: Number of companies publishing sustainability reports.
   • Implied measurement: Implementation of sustainable business reorganization and asset sales.
3. For SDG 14
   • Indicator 14.2.1: Proportion of national exclusive economic zones managed using ecosystem-based approaches.
   • Implied measurement: Animal welfare standards maintained during care and relocation.
4. For SDG 15
   • Indicator 15.1.1: Forest area as a proportion of total land area (related to ecosystem conservation).
   • Implied measurement: Successful relocation and protection of terrestrial and freshwater animals.

4. Table of SDGs, Targets, and Indicators

Source: wjhg.com