February 26, 2025
Dolphin Cove Limited (DCOVE) has advised that:
- Controladora Dolphin, S.A. de C.V. (also known as Dolphin Discovery) (Mexico), which owns 90% of the immediate parent company, World of Dolphins Inc, (Barbados), has initiated voluntary proceedings under Mexico’s concurso mercantil process (a corporate restructuring and insolvency procedure under Mexican law).
- World of Dolphins Inc has pledged its 79.99% shareholding in Dolphin Cove as collateral for a note purchase agreement on behalf of Controladora/Dolphin Discovery. Dolphin Cove Limited has given no guarantees or undertakings or pledged or encumbered any assets in relation to the obligations of any group enterprise or other party whatsoever.
- DCOVE understands that the concurso mercantil process initially provides for a conciliation phase of up to 365 days during which Controladora may reach agreements with its creditors. If no agreement is reached, the process may move to a liquidation phase.
- DCOVE’s operations continue unaffected, and the Company will maintain its independent operational status. The Board will continue to monitor the situation and make further disclosures as required.
- Shareholders and other market participants should be guided accordingly.
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