Answers to your questions
Resumed management
Eduardo Albor and the original Board of Directors are waging a steadfast legal battle against an imposed management that entirely lacks legitimate shareholder support. Although the Delaware Bankruptcy Court ruled to temporarily uphold Chapter 11 proceedings and scheduled a hearing for October 2026, Albor’s defense has firmly demonstrated that the actions of this imposed administration infringe upon Mexico’s judicial sovereignty. The overarching legal strategy focuses squarely on safeguarding corporate assets and preventing an adverse restructuring plan from unjustly stripping legitimate shareholders of their equity.
Collegiate Circuit Court Ruling
The ruling by the Eighth Collegiate Circuit Court (Direct Amparo 393/2025) marked a pivotal victory in Mexico by recognizing that the original insolvency proceedings lacked genuine shareholder consent. In response to subsequent maneuvers by the imposed management to withdraw pending legal appeals, Eduardo Albor’s defense filed a new Direct Amparo lawsuit before Mexican federal courts on July 27, 2026. With this constitutional remedy now pending domestically, Albor’s legal representation continues to contest the validity of opposing actions and seeks to fully reinstate insolvency protections in Mexico.
Agreements executed by Steven Strom’s administration—such as attempts to transfer or sell marine parks to Delphinus or subject the group to liquidation under U.S. bankruptcy law—are unviable because they stem from an illegal corporate takeover that violated injunctive relief in Mexico. Predicated on procedurally defective shareholder meetings and constitutionally invalid appointments, any transaction involving company assets faces a severe risk of future nullification.
A testament to this structural invalidity was the definitive cancellation of the purchase agreement by Delphinus on August 24, 2026, following formal notification repudiating the agreement and exposing representation defects within the imposed management. This legal strategy clearly demonstrates to third parties that no transaction involving corporate assets is viable without explicit consent from legitimate shareholders represented by Eduardo Albor.
Company’s Status
No. Historical financial statements demonstrate flawless institutional stability. Under Eduardo Albor’s leadership, the company experienced over 25 years of uninterrupted growth, expanding operations across eight countries. A testament to this excellence is the record EBITDA of $36 million achieved in 2022, backed by audited statements from EY. Financial strain stemmed from an unexpected spike in interest rates coupled with adverse foreign exchange dynamics—specifically, the U.S. dollar depreciating by over 10% against the Mexican peso. This severely depleted available cash flow, jeopardizing the company's ongoing operations.
Creditors’ Actions
Negotiations broke down when Prudential and Cigna abandoned financial dialogue in favor of a hostile administrative seizure. On October 30, 2024, they issued an uncompromising demand for the immediate ouster of Eduardo Albor as CEO and the complete handover of operational control by November 13. Upon refusal, they threatened the Board of Directors with personal lawsuits for alleged breach of fiduciary duty. The Board unanimously rejected this coercion to prevent the group's liquidation and, as a defensive measure to protect the company within a neutral legal framework, formally filed for insolvency proceedings in Mexico on December 30, 2024.
