Colorado theme park files for bankruptcy after fatal fall
To the surprise of pretty much no one who has been following this park, the owner of Colorado's Glenwood Caverns Adventure Park has filed for bankruptcy.
The mountaintop amusement park filed for Chapter 11 bankruptcy in Delaware yesterday. Last year, a Colorado jury returned a $205 million judgment against the park in the death of a six-year-old girl who was killed on the park's Haunted Drop Ride in 2021. [See Jury awards $205 million verdict in theme park ride death.]
In the filing yesterday [Case 26-10166], Glenwood Caverns Holdings LLC estimated liabilities in the range of $100 million to $500 million against assets in the range of just $10 million to $50 million. According to a declaration filed in association with the case, the Colorado court has adjusted the judgment against the company to $116 million, but that far exceeds what the company says that it can pay.
This is a Chapter 11 filing, which asks for a restructuring of the company and its debts under court supervision. It is not a filing to liquidate the company. So this filing does not mean that the park is closing. In fact, a Chapter 11 filing often is a struggling business' attempt to stay in business.
Located just off Interstate 70 in Glenwood Springs, Colorado, the park stands atop Iron Mountain and its Glenwood Caverns, which were designated national landmarks in 2023. In addition to the drop ride, which was redesigned and reopened as Crystal Tower in 2023, Glenwood Caverns Adventure Park offers an S&S Screamin' Swing, Gerstlauer Euro-Fighter, S&MC Hurricane, Zierer Tivoli, and a Wiegand Alpine Coaster, among other attractions.
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