Dolphin Cove sale in doubt as majority owner says deal unlikely to close

KINGSTON, Jamaica —The sale of World of Dolphins Inc’s 79.99 per cent stake in Dolphin Cove Limited is in doubt, after the majority shareholder told the board it does not expect Global Attractions Limited (GAL) to complete the acquisition.

Global Attractions previously signed a share purchase agreement (SPA) with World of Dolphins on July 9 to acquire its entire ownership in Dolphin Cove, a Junior Market company listed on the Jamaica Stock Exchange (JSE). The sale was conditional on certain conditions, including the refinancing of Dolphin Cove's existing loan facility with Sagicor Bank Jamaica Limited.

"The board was informed by Mr Strom that WoD [World of Dolphins] does not expect the acquisition to be completed," the Dolphin Cove disclosure stated on Wednesday, October 28.

Global Attractions is a St² Lucian international business company (IBC) owned by Parques del Este Limited, a company domiciled in the Dominican Republic. It is also associated with Dolphin Explorer, a swim-with-dolphins marine park in Punta Cana.

World of Dolphins is undertaking the sale as part of a chapter 11 bankruptcy process involving ultimate parent company Leisure Investments Holdings LLC. Steven Robert Strom was appointed the sole independent director in March 2025 by debt holders who are owed more than US$100 million in secured debt. The debtholders had set October 28 as the effective date to complete the sale of certain non-debtor assets, including World of Dolphins' stake in Dolphin Cove.

"Notwithstanding WoD’s current expectation that the transaction will not be completed, the SPA remains in force and has not been terminated," Dolphin Cove stated in its release.

Strom proposed four independent directors in July to the Dolphin Cove board. Colin Kerr, Darys Estrella, Alberto Bergés González, and Sylvain Dominici were all elected directors on August 17. These directors all have some connection to the Dominican Republic.

Since then, longstanding director Richard L Downer resigned from Dolphin Cove's board while founder Stafford Burrowes resigned as chairman but remained a director. IMCA Jamaica executive Colin Kerr was appointed chairman on September 22.

The future for control of Dolphin Cove continues to remain uncertain, especially as the Delaware Bankruptcy Court continues to balance the interests of various stakeholders. The official committee of unsecured creditors filed an objection today over the proposed plan which would result in that class receiving nothing.

Dolphin Cove continues to operate as normal while World of Dolphins continues to liquidate its interest in the company. Dolphin Cove's third quarter report is due by November 14.

"The company will provide updates and continue to monitor developments and make disclosures in accordance with its obligations," stated the disclosure signed by Dolphin Cove company secretary Tracy K Campbell.

—David Rose