Latest news with #USBankruptcyCourt
New York Post
04-07-2025
- New York Post
Marine park company reeling after five dolphins die within 8 months
A bankrupt global operator of marine parks and aquariums is seeking court approval to sell hundreds of its animals after a string of dolphin deaths at one of its Florida locations forced a facility closure and sparked multiple investigations. The Dolphin Company, which operates more than 30 parks in eight countries, cited 'limited liquidity' and 'exceedingly high' animal care costs for its dolphins, sea lions, manatees and other marine mammals, according to a filing submitted Wednesday to the US Bankruptcy Court in Delaware. The company also wants to sell some of its real estate as part of a broader restructuring effort under Chapter 11 bankruptcy proceedings initiated in March. Advertisement 5 The company that operates Gulf World Marine Park in Panama City, Fla., is seeking a court's permission to sell hundreds of dolphins, sea lions and manatees. Gulf World Marine Park The deaths occurred at Gulf World Marine Park in Panama City Beach, Fla., where five bottlenose dolphins died between October of last year and May. The fifth fatality prompted the park's closure and intensified scrutiny of the company's animal care practices. The deceased dolphins included Jett, who died in March from blunt force trauma to the head after crashing into the shallow end of a pool during a public show. Advertisement Staff response was reportedly delayed due to murky, algae-filled water. Samira, an eight-year-old dolphin, was found dead last month after weeks of distress and refusing food. Preliminary findings indicated she had ingested foreign material and suffered a pulmonary hemorrhage. Three other dolphins — Gus, Turk and Nate — died last October, with reported causes including euthanasia for a life-threatening condition, bacterial lung disease and systemic infection. Advertisement 5 The Dolphin Company operates dozens of aquatic parks and aquariums in the United States and abroad. The Dolphin Company Following the fatalities, inspections by the USDA and the Florida Fish and Wildlife Conservation Commission found troubling conditions at the park, including tanks with up to six inches of algae, broken water filtration systems, poor water quality, chronic understaffing and delayed emergency responses due to poor visibility in the water. Florida state prosecutors and federal agencies have since launched criminal investigations. Jay Trumbull, a state senator, called the situation 'disturbing and unacceptable' and urged the removal of all remaining dolphins. Advertisement 5 Five bottlenose dolphins housed at the park died within a span of eight months, including 8-year-old Samira. Instagram/ In its filing, The Dolphin Company stated that 'not only will the sale and transfer of these animals bring value to the debtors' estates, it will also aid in the animals' welfare and safety.' The company disclosed in bankruptcy documents that it housed approximately 2,400 animals as of 2023. These included 295 dolphins, 51 sea lions, 18 manatees and 18 seals. Court records show that many of these animals serve not only as live attractions but also as collateral for over $100 million in outstanding debt. 5 The Dolphin Company disclosed in bankruptcy documents that it housed approximately 2,400 animals as of 2023. PETER WILLOTT/THE ST. AUGUSTINE RECORD via Imagn Content Services, LLC The commercial value of bottlenose dolphins varies depending on training, age and appearance. Dolphins captured in Taiji, Japan, during the 2025 season have reportedly sold for between $30,000 and $128,000 each. Trained dolphins prepared for public performances can command prices up to $150,000. Advertisement California sea lions, also part of the company's holdings, typically sell for between $20,000 and $40,000, while manatees, a species that is protected under US and international law, are not commercially sold but can incur care costs exceeding $40,000 for several months and more than $100,000 for extended rehabilitation. After Gulf World's closure, 11 surviving dolphins were cleared for relocation by the National Oceanic and Atmospheric Administration. Four rough-toothed dolphins — Doris, Kitana, Dagny and Wren — were transferred to Clearwater Marine Aquarium. The remaining seven dolphins were moved to Marineland in St. Augustine, Fla. 5 The Miami Seaquarium is owned and operated by the Mexico-based Dolphin Company. Getty Images Advertisement The Dolphin Company's financial collapse has also revealed internal turmoil. Former CEO Eduardo Albor, who oversaw the company's growth over several decades, lost control of the business after it defaulted on approximately $100 million in debt. According to court filings, Albor refused to relinquish control of the company's parks in Mexico, where it is headquartered, and denied new management access to financial systems and accounts. US Bankruptcy Judge Laurie Silverstein recently ordered Albor to stop interfering with company operations and provide access to all records. Advertisement She also imposed a $10,000-per-day fine for noncompliance. Advisers overseeing the restructuring have accused Albor of diverting revenue from Mexican parks using credit card readers purchased from Costco. The Post has sought comment from The Dolphin Company and Albor.
Yahoo
14-06-2025
- Automotive
- Yahoo
Marelli receives US court approval to access finance and continue operations
Marelli Holdings has said it has secured court approval – as part of its US Chapter 11 bankruptcy proceedings – for a measure that it says secures 'all-normal course business operations continuing as usual'. The company has announced that it has received approvals from the US Bankruptcy Court for the District of Delaware for its 'First Day' motions related to the company's voluntary Chapter 11 petitions. The court granted interim approval to immediately access up to $519 million of $1.1 billion in debtor-in-possession financing from its lenders. Marelli said the additional capital, coupled with cash generated from the company's ongoing operations, will provide 'sufficient liquidity to support the company through the Chapter 11 process. Among other things, the court has authorized the company to continue to pay employee wages and benefits without interruption, continue programs that are integral to customer relationships and pay suppliers in full for goods and services provided on or after the filing date of June 11, 2025. 'We are pleased to have received Court approval of these important First Day motions, which will enable Marelli to continue serving our customers without interruption throughout the chapter 11 process,' said David Slump, President and Chief Executive Officer of Marelli. 'Thanks to the partnership with our lenders, we are poised to emerge from this process not just stronger, but strategically equipped for sustainable growth and innovative advancements. We extend our heartfelt gratitude to our customers and suppliers for their loyalty and commitment.' "Marelli receives US court approval to access finance and continue operations" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
11-06-2025
- Automotive
- Yahoo
Marelli initiates Chapter 11 bankruptcy to restructure debt
Marelli Holdings, a technology partner in the automotive industry, has filed for voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. This strategic move is aimed at restructuring the company's long-term debt obligations. The filing has garnered the support of approximately 80% of Marelli's lenders, who have signed a restructuring support agreement to deleverage the company's balance sheet and enhance its liquidity. Marelli president and CEO David Slump said: "At Marelli, we have been proactive in making necessary adjustments to stabilize our financial position so that we can continue to deliver long-term benefits for our valued customers, partners and employees. While we are pleased with our recent progress and profitability, industry-wide market pressures have created a gap in working capital that must be addressed." Throughout the Chapter 11 process, Marelli anticipates no operational disruptions, maintaining its commitment to innovation and investment in advanced automotive technologies. These efforts are expected to shape the future of mobility and distinguish upcoming vehicle models. To facilitate its restructuring, Marelli has secured $1.1bn in debtor-in-possession financing from its lenders. Subject to court approval, this financing, along with the company's operational revenue, will provide the necessary liquidity for Marelli during the Chapter 11 process. The restructuring support agreement also outlines a plan for the lenders to assume ownership of Marelli upon its emergence from Chapter 11, following a 45-day overbid process. Marelli has filed customary motions to ensure business continuity during the restructuring, which includes uninterrupted payment of employee wages and maintenance of essential customer programs. The company expects to receive court approval for these motions and plans to uphold its commitments to stakeholders, including fulfilling payment obligations to suppliers for post-filing goods and services. Marelli is actively engaging with suppliers to negotiate terms for pre-filing obligations. Slump added: "After careful review of the Company's strategic alternatives, we have determined that entering the chapter 11 process is the best path to strengthen Marelli's balance sheet by converting debt to equity, while ensuring we continue operating as usual. "Taking this action now provides access to new liquidity to fund our long-term growth and innovation pipeline and ensures our customers and partners all over the world can continue to rely on Marelli for on-time delivery of advanced technologies that shape the vehicles of the future." "Marelli initiates Chapter 11 bankruptcy to restructure debt" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
09-06-2025
- Business
- Boston Globe
Lawyer running Providence Place mall will become US bankruptcy judge in R.I.
'The court is confident that attorney Dorsey's experience with receiverships, insolvency, and distressed asset proceedings and strong ties to the Rhode Island community will make him a valuable addition to the US Bankruptcy Court for the District of Rhode Island as well as to the First Circuit,' Barron said. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Barron also thanked Finkle 'for her many years of dedicated and distinguished service.' Advertisement With the judicial appointment, Dorsey will have to step down as a court-appointed receiver for Dorsey and his law partner W. Mark Russo were named the mall's court-appointed receivers, and Advertisement In May, they reversed course on a Also, earlier this year, Dorsey essentially granted a pardon to Michael Townsend, who was banned from the mall after he and others artists were found to have maintained a fully furnished Throughout his legal career, Dorsey has been a civil litigator focused on state receiverships and court-supervised insolvency and distressed asset proceedings. He is often appointed by state and municipal courts as a commissioner, special master, or receiver. Since 2010, Dorsey has practiced at the Dorsey received a bachelor's degree from Rensselaer Polytechnical Institute in 2007, and a law degree from Roger Williams University School of Law in 2010. Dorsey is a member of the Thurgood Marshall Law Society, and the Rhode Island Black Business Association. From 2015 to 2016, he served on the board of directors of the Quonset Development Corporation, and he served on the board of directors of the Roger Williams University Law School Alumni Association from 2018 to 2024. Advertisement The state Superior Court appointed Dorsey as the program coordinator of the team that developed the COVID-19 Business Recovery Program, which provided a roadmap for business owners to consider in protecting business interests in light of the effects of the pandemic. The US Bankruptcy Court for the District of Rhode Island is a single judge court, with one place of business at 380 Westminster St. in Providence. The court handled Bankruptcy laws enable people or businesses who can no longer pay their creditors to organize their affairs, liquidate their debts or create a plan to pay them off, and get a fresh start. Bankruptcy judges decide matters involving the bankruptcy code, which sets out how the parties involved in a bankruptcy case should proceed. Edward Fitzpatrick can be reached at
Yahoo
06-05-2025
- Business
- Yahoo
Rite Aid files for bankruptcy again amid financial woes
US drugstore chain Rite Aid has initiated bankruptcy protection for the second time in two years, amid ongoing financial struggles. The retailer intends to engage in a strategic sale process aimed at maximising value and initiated voluntary Chapter 11 proceedings within the US Bankruptcy Court for the District of New Jersey to aid this process. During this process, Rite Aid customers can continue to access pharmacy services and products both in-store and online, which includes prescription fulfilment and immunisations. The company is also working to transfer customer prescriptions to other pharmacies. Rite Aid CEO Matt Schroeder said: 'While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors. "As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.' To facilitate its ongoing sale process, Rite Aid has obtained commitments from some current lenders to provide $1.94bn in new financing. This funding is expected to be adequate when combined with cash flow from operations throughout the court-supervised sale process. Additionally, Rite Aid plans to sell or capitalise on any assets not disposed of through the court-supervised procedure. In order to maintain business operations during this period, the retailer has sought approval from the court for several standard motions, including the continued provision of employee wages and benefits. An internal letter was issued by Schroeder to inform Rite Aid employees about impending job reductions after unsuccessful attempts at securing further financing from lenders, reported Bloomberg News. Rite Aid employees will retain their pay and benefits throughout the bankruptcy proceeding. Previously in October 2023, Rite Aid filed for Chapter 11 protection after disclosing losses amounting to $750m for the preceding fiscal year. The prior bankruptcy allowed the company to reduce $2bn in debt, shut down numerous stores, sell its pharmacy benefit management business Elixir, and reach settlements with lenders, drug distribution partner McKesson, and other creditors. Moreover, that bankruptcy addressed numerous lawsuits accusing Rite Aid of neglecting warning signs while dispensing questionable prescriptions for addictive opioid pain medications. "Rite Aid files for bankruptcy again amid financial woes" was originally created and published by Retail Insight Network, a GlobalData owned brand.
