DOLPHIN Cove Limited’s controlling stake is among a package of Caribbean assets expected to generate approximately US$22 million in combined net proceeds, providing the first financial marker for the Jamaican takeover but leaving the price assigned to the local company undisclosed.

An August 11 filing in the United States bankruptcy proceedings of Dolphin Cove’s ultimate parent said asset purchase agreements were signed after more than six months of negotiations.

The agreements cover assets in the Dominican Republic and equity interests in businesses operating in Jamaica, the Cayman Islands, and St Kitts and Nevis. The transactions are expected to close around the effective date of the parent company’s Chapter 11 liquidation plan, currently targeted for October 28, subject to court approval and other conditions.

The US$22-million estimate represents the combined net proceeds from all those transactions and cannot be treated as the price being paid for Dolphin Cove.

World of Dolphins Incorporated signed an agreement on July 9 to sell its 313.9 million Dolphin Cove shares, representing 79.99 per cent of the company, to Saint Lucia-incorporated Global Attractions Limited. Neither the purchase price nor the beneficial owners of Global Attractions has been disclosed.

Completion also depends on arrangements to refinance and discharge Dolphin Cove’s existing financing facility with Sagicor Bank Jamaica, according to the market notice.

The US court filing said the proceeds from the Caribbean sales are subject to the claims of first-lien noteholders. World of Dolphins and other non-debtor subsidiaries guaranteed the parent group’s secured borrowing, while the entire Dolphin Cove stake was pledged as collateral.

The limited disclosure drew questions from shareholders at Dolphin Cove’s July 30 annual general meeting, during which they pressed the board for the purchase price, completion timetable, and information about the interests behind Global Attractions.

Steven Strom, a Dolphin Cove director and World of Dolphins representative, said the parties were trying to balance their obligations to the purchaser with disclosure requirements in Jamaica.

“We’re somewhat constrained by the terms of the agreement that we signed,” Strom said, adding that the parties were being advised by Jamaican attorneys and would release further information as the transaction progressed.

Shareholders also questioned how their interests would be protected when Global Attractions assumes control. Company representatives said an independent committee of directors would oversee the mandatory offer process and issue a directors’ circular.

Under takeover regulations, Global Attractions must offer to purchase the remaining Dolphin Cove shares within 30 days of acquiring control. The offer will be monitored by the Financial Services Commission and Jamaica Stock Exchange. No proposal to delist Dolphin Cove has been announced.

Shareholders also raised concerns about competing legal claims surrounding the parent group’s management. Strom told the meeting he did not expect those proceedings to delay the sale.

Four days later, US Bankruptcy Judge Laurie Selber Silverstein rejected former executive Eduardo Albor’s application to dismiss part of the Chapter 11 proceedings and challenge the authority of the existing management. The August 4 ruling allowed the restructuring and asset-sale process to continue.

Dolphin Cove itself is not in bankruptcy, although the financial difficulties higher in the group have affected its accounts. The company recorded US$2.82 million in impairments against related-party balances in 2025, contributing to its first annual loss since the pandemic.

Its Jamaican operations returned to profit during the first half of 2026, but remained well below the previous year as the tourism industry continued recovering from Hurricane Melissa.

Revenue fell 37 per cent to US$5.24 million, while net profit dropped 89 per cent to US$215,207. Second-quarter profit was only US$72,406, down from US$1.07 million a year earlier.

Dolphin Cove blamed reduced airlift, fewer available hotel rooms, and lower cruise calls for the decline in visitor volumes. Chief executive Gonzalo Pacheco told shareholders that staffing had returned to normal, although western operations remained affected by the slow recovery of hotels and visitor traffic around Montego Bay and Lucea.

The company generated US$1.03 million in operating cash during the half year and reduced amounts due from related companies to US$135,570 from US$2.15 million a year earlier. However, working capital remained negative at approximately US$409,000.

Dolphin Cove had net assets of nearly US$30 million at June 30 and a debt-to-equity ratio of 0.04 to one, leaving Global Attractions on course to acquire control of a company with substantial assets and little debt, but earnings still far below its pre-hurricane level.