Galveston Roller Coaster Maker Files for Bankruptcy Amid Rising Insurance Costs and Litigation Surge
The manufacturer behind the iconic Galveston roller coaster has filed for Chapter 11, citing a 300% spike in liability insurance premiums and a cascade of personal injury lawsuits post-pandemic. The company, which operates thrill rides across 14 states, reported $47 million in restructuring debt. Industry analysts warn a wave of ride closures could hit coastal amusement parks this summer, with insurers fleeing the sector due to severe weather damage claims from storms like Hurricane Beryl. CEO Linda Torres stated, "We are streamlining operations to protect frontline jobs and ride safety standards." Investors are now eyeing private equity buyouts of distressed theme park assets.