Mexico's Supreme Court Confirms That the Takeover of The Dolphin Company Was Illegal

• On June 30, 2026, Mexico's Supreme Court of Justice of the Nation confirmed the March 31 ruling of the Eighth Collegiate Circuit Court for Civil Matters of the First Circuit, finalizing the nullification of the process that removed Eduardo Albor from company administration.
• The decision renders void the Chapter 11 proceedings opened in Delaware, U.S., as they relied on corporate acts already invalidated by Mexican courts.
  
  

MIAMI, July 24, 2026 (GLOBE NEWSWIRE) -- On March 31, 2026, the Eighth Collegiate Circuit Court for Civil Matters of the First Circuit ruled to set aside the dismissal (desistimiento) of The Dolphin Company's concurso mercantil (Mexico's equivalent of Chapter 11 bankruptcy protection) and ordered the Second District Court for Commercial Insolvency Matters to declare null and void all actions stemming from that dismissal. On June 30, 2026, Mexico's Supreme Court of Justice of the Nation — the country's highest judicial authority — confirmed that ruling, rendering the nullity final and no longer subject to appeal under Mexican law.

The dispute stems from the March 2025 removal of founder Eduardo Albor and the original executive management team. According to Mexican court rulings, the removal relied on a Resolución Unánime de Accionistas (RUA) — a unanimous shareholders' resolution — which, under Mexican corporate law, strictly requires 100% shareholder approval, not merely a majority. The original management maintains that, because the RUA was executed without Albor's approval, it was legally void from its inception. These actions were carried out by CIBanco, acting as trustee and representative for senior secured lenders, Prudential Financial, Inc., The Cigna Group and Sculptor Equity Management.

Because the mandatory unanimity requirement was not met, the appointment of the replacement administration — and all subsequent corporate actions — lack legal effect. Chief among these actions was filing Chapter 11 bankruptcy in Delaware, which depended directly on the corporate acts now invalidated in Mexico.

Following more than a year of litigation in Mexican courts — which established that Mexico serves as Controladora Dolphin's Center of Main Interests (COMI) — Eduardo Albor, on behalf of original management, filed a motion to dismiss the Delaware bankruptcy proceedings before Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware. The court conducted an evidentiary hearing on July 20–21, 2026 (Case No. 25-10606-LSS) regarding the corporate authority to initiate a Chapter 11 case.

Ongoing Harm to the Company

Since assuming control, the lender-imposed administration has sold, or is attempting to sell, at least 10 of the company's 28 properties—several at nominal values. Notably, three European properties (Zoomarine, Acquafelix Civitavecchia, and Acquajoss Conselice in Italy) were sold for a symbolic price of one euro each. Additionally, six operations have been shut down entirely, including Dolphin Discovery Cancún, Dolphinaris Riviera Maya, and Dolphin Sirenis. Original management considers these fire-sale liquidations and operational shutdowns clear proof of value destruction, a process they now aim to reverse following the Supreme Court's final ruling.

"After a long legal process, Mexican justice has spoken clearly. The Dolphin Company can now focus on reorganizing its operations following what we believe was an unlawful attempt to take control of the company," said Eduardo Albor.

Original management believes these binding Mexican court rulings are central to the Delaware proceedings and trusts the U.S. court will accord them proper weight under principles of international comity applicable to cross-border insolvency cases. The Dolphin Company's original administration reiterates its commitment to working constructively with all stakeholders in a transparent, lawful restructuring supervised by Mexican courts —aiming to preserve the enterprise, protect workforce jobs, safeguard animal welfare, and maximize value for all parties.

About The Dolphin Company

The Dolphin Company is one of the world's leading marine park operators, with operations in Mexico, the Caribbean, Europe, South America, and the United States. For more than three decades, the company has been dedicated to marine mammal care and conservation, education, and sustainable tourism, welcoming millions of visitors under internationally recognized animal welfare standards.

Media Contact: Daniel Sanchez - daniel.sanchez@llyc.global

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