Glenwood Caverns Adventure Park in Glenwood Springs, Colorado has filed for bankruptcy, arguing its assets are dwarfed by the $116 million it owes for the death of one of its guests.
According to the Chapter 11 bankruptcy filing made in a Delaware court Monday, Glenwood Caverns Holdings LLC has assets of between $10 and $50 million. That’s far below the $116 million judgment (down from the original $205 million award) issued against the park last November after it was found responsible for the death of 6-year-old Wongel Estifanos, who died in Sept. 2021 on the 110-foot-tall Haunted Mine Drop ride. A state investigation found that Estifanos had not been correctly secured before the ride started and was sitting on top of her seatbelt.
In a statement, Glenwood Caverns said: “We recognize the unimaginable loss of the Estifanos family. Our decision to pursue Chapter 11 is the most responsible path to stabilize the business, preserve operations and maintain the value for the benefit of all parties.”
The park also said that the bankruptcy would have ““no impact to day-to-day operations or scheduled events.” Chapter 11 bankruptcy allows companies to reorganize and continue operating while looking for a way to pay its creditors.
Glenwood Caverns first began operating amusement attractions in 2005, adding Haunted Mine Ride in 2017. It was later renamed Crystal Tower and redesigned with additional safety features after Estifanos’ death. The park’s last major addition was 2022’s Defiance, a Gerstlauer-built roller coaster that sports a 110-foot drop overlooking the mountains.