The owner of Colorado’s mountaintop amusement destination has sought bankruptcy protection, saying it cannot shoulder the weight of a nine-figure wrongful death verdict.
Glenwood Caverns Holdings LLC filed for Chapter 11 in Delaware bankruptcy court on Monday — the same day a noncollection “standstill” agreement expired with the parents of a 6-year-old girl whose 2021 death on a park ride led to a massive court judgment.
A Mountain Park Under Financial Strain
Perched 7,100 feet above sea level, Glenwood Caverns Adventure Park opened in 1999 with guided cave tours atop Iron Mountain before expanding in 2005 to include roller coasters and other thrill rides. According to court filings, it is the only theme park in the United States situated on top of a mountain.
The park was acquired in 2020 by Glenwood Caverns Holdings LLC, which is owned by nondebtor GCAP HoldCo LLC.
In a declaration submitted Monday, Chief Restructuring Officer Paul Maniscalco said the business generates between $14 million and $16 million in annual gross revenue. But the park operates in the black only from April through October, relying heavily on seasonal tourism. To keep visitors returning, the park historically introduced a new attraction every few years — a costly cycle that became harder to sustain after tragedy struck.
Since the fatal accident, the company has struggled to secure new capital, according to the filing.
