URGENT UPDATE: Glenwood Caverns Adventure Park has officially filed for Chapter 11 bankruptcy protection just days after a staggering $116 million wrongful death judgment linked to a tragic 2021 accident. This crucial filing occurred on Monday in the U.S. Bankruptcy Court in Delaware, as the company grapples with the fallout from the death of 6-year-old Wongel Estifanos, who fatally fell from the park’s Haunted Mine Drop ride.
The bankruptcy filing follows a November 2022 ruling in which a Garfield County jury determined Glenwood Caverns was partially responsible for Estifanos’s death. The court’s final judgment, totaling more than $116 million, highlights the park’s inadequate liability insurance of only $5 million, leaving them significantly exposed financially.
In a statement released on Tuesday, officials from Glenwood Caverns confirmed the filing, emphasizing their commitment to continue operations during this challenging period. “Glenwood Caverns Adventure Park filed for Chapter 11 bankruptcy protection in Delaware today following the recent judgment against it stemming from a tragic accident that occurred there in 2021,” the statement read.
The Chapter 11 process will allow the park to restructure its finances while continuing to operate, a move aimed at ensuring fairness and transparency as they navigate this crisis. The park also expressed deep condolences to the Estifanos family, acknowledging the “unimaginable loss” they have endured.
“Our decision to pursue Chapter 11 is the most responsible path to stabilize the business, preserve operations, and maintain value for the benefit of all parties,” the park reiterated. Despite the bankruptcy filing, officials assured the public that day-to-day operations and scheduled events would remain unaffected, stating, “The park will continue to operate as usual.”
As this situation develops, the implications for Glenwood Caverns and its stakeholders are significant. The bankruptcy filing is a critical step in managing the aftermath of the tragic incident, and it raises questions about the future of the park as they seek to stabilize and reorganize under court supervision.
The public’s support and the ongoing response from the community will be vital as Glenwood Caverns navigates this significant legal and financial challenge. Stay tuned for further updates on this evolving story.
