Cypress Gardens, purchased by Buescher in 2004, was inflicted with approximately $30 million in damage during the busy 2004 hurricane season. The company filed $24.8 million worth of insurance claims following the hurricanes, and only received about $6.9 million from the park's insurer. Buescher filed suit in the matter in September 2005.

Since reopening Cypress Gardens, Buescher has struggled to recover. Costs were cut and prices were raised, but not enough to make a difference as the company realized it was going to run out of money to continue day-to-day operations this month. Cypress Gardens Adventure Park, LLC, filed for bankruptcy on Monday. The filings apply to Wild Adventures in Valdosta, GA, as well - contrary to what was originally reported.

After this week's filing, Buescher has remained confident that the company will recover from the debts. He has vowed to continue to pay employees all due wages, and to repay all creditors.

For more information, visit The Ledger Online.