Kent Buescher, owner of the company, says that the debt has grown to $3.5 million, compared to the $7 million he paid for the park. Park officials cite hurricane damage in 2004 - damage which delayed the park's opening by several months - as the primary reason for the company's struggles. Buescher said that GE Capital has offered $15 million to assist the park's finances.

The park has said it will not terminate any employees, and that it will continue to honor season passes and discounts. Wild Adventures Adventure Park, Cypress Gardens' sister park in Valdosta, GA, will not be affected.

For more information, visit the Tampa Bay Business Journal.