Mystery Buyer Acquires Dolphin Cove to Settle Mexican Parent Debt
A solvent Jamaican tourism operator is being sold to an undisclosed, newly formed St Lucia entity to settle its Mexican parent's bankruptcy debts, triggering a mandatory buyout for minority shareholders.
Global Attractions Ltd, a company incorporated in St Lucia just 115 days ago, has agreed to buy an 80% controlling stake in Jamaica’s Dolphin Cove. The identity of the buyer’s owners and the purchase price remain undisclosed. Completion is contingent on refinancing the company's existing credit facility with Sagicor Bank Jamaica.
The sale is driven by distress entirely outside of Jamaica. World of Dolphins, the seller, pledged its entire stake as collateral for a $100 million senior note issued by its Mexican holding company. That ultimate parent filed for Chapter 11 bankruptcy in Delaware in March 2025, forcing the disposal of the Jamaican asset even though Dolphin Cove itself remained solvent and listed throughout the proceedings.
The transaction highlights a stark erosion of value. In 2015, a 58% stake in Dolphin Cove sold for 3.7 billion Jamaican dollars. Today, an 80% stake is valued at roughly 3.4 billion Jamaican dollars at the current share price of eleven Jamaican dollars. The stock has fallen 35% since the bankruptcy proceedings began and is down a further 16% this year.
Minority investors now face a defining moment. Jamaican exchange rules compel Global Attractions to make a mandatory follow-up offer to all remaining shareholders within thirty days of taking control. These minority holders own roughly 78 million shares, representing about a fifth of the company and worth approximately 860 million Jamaican dollars at recent prices.
Dolphin Cove reported 2025 revenue of $13.1 million against a net loss of $2.3 million, weighed down by a $2.8 million impairment on debts owed by related parties caught in the insolvency. The business retains positive operating cash flow and 245 employees. Notably, the buyer is domiciled in St Lucia, the same jurisdiction where Dolphin Cove previously wrote off a $1.11 million advance for a failed park expansion.
The deal's progression coincides with critical corporate dates. The next Chapter 11 hearing is scheduled for July 20, followed by Dolphin Cove's annual meeting on July 30. At that meeting, shareholders will vote on three directors and see KPMG step down as auditor, though no connection between the auditor change and the sale has been disclosed.
