Bankrupt Theme Park Approved to Sell Florida Facility, Dolphins

Bankrupt marine animal parks operator Dolphin Co. won approval to sell its St. Augustine, Fla., location to a buyer that will keep the historic oceanarium operating—preventing a real estate developer from taking over.

An entity called #1 Apex Association LLC, backed by a community coalition, submitted the winning bid during a Nov. 10 auction for the Marineland Dolphin Adventure facility. Judge Laurie Selber Silverstein of the US Bankruptcy Court for the District of Delaware approved the deal Wednesday.

Apex’s bid included $6.5 million in cash, the assumption of contracts and liabilities, and the retention of employees, which the company valued ...