DESTINY — When the coronavirus scare is over and the Big Kahuna Water and Adventure Park is allowed to reopen, it will do so under new ownership.
Apex Parks Group, which purchased the park in 2014, has filed for Chapter 11 bankruptcy and intends to sell the property.
An auction originally scheduled for Friday has been moved to Monday, according to Laura Davis Jones, an attorney whose firm is organizing the auction. Bidding begins at 11 a.m. Eastern Time in Delaware.
Apex Parks Group is “pursuing a comprehensive financial restructuring aimed at reducing the company’s current debt and ultimately improving operations to continue serving customers and communities for years to come,” a statement from Apex Parks Group reads. company press.
Its intention is to sell to APX Acquisition Company LLC, which held much of Apex Parks Group’s debt before it filed for bankruptcy in April.
“The lenders will provide (…) financing to support the company during the restructuring,” the statement said.
Okaloosa Island resident Joe Bruner opened Tropical Golf and then Big Kahuna Water Park in 1985-86.
He said he’s been disappointed in recent years with the upkeep of park grounds.
Court records indicate that three lawsuits brought by people claiming to have been injured while visiting the Big Kahuna water and adventure park have been closed after the Apex Parks Group announced on April 10 that it intended to file for bankruptcy.
The Apex Parks Group purchased the Big Kahuna property in 2014. It claims ownership of 10 family entertainment centers and another water park. The parks are located in California, New Jersey and Florida.
The owners had originally scheduled Friday as Big Kahuna’s opening day for the summer season, but the water parks are not among the limited number of businesses Governor Ron DeSantis has said they can reopen.
The company said in its press release that the Chapter 11 process will not affect the operations of any of its entertainment centers or water parks.
“The company has temporarily closed all locations in accordance with federal and local government mandates and CDC guidance to proactively protect customers and employees in response to the COVID-19 pandemic,” the statement said. “But expects to resume normal operations when sites reopen.”