Alpamare has issued a statement which says it is looking at restructuring its Scarborough business - meaning it could no longer be an all-year-round attraction.
British Gas Trading Ltd has issued a winding-up petition against Alpamare UK Ltd, the operating company of the waterpark on Burniston Road.
Alpamare has admitted there are likely to be changes ahead.
“Plans are in place to restructure Alpamare and adapt its Scarborough business operation model to better suit variances in customer demand throughout the year.
"As part of our plans, a Company Voluntary Arrangement (CVA) proposal has been filed. We are in ongoing discussions with British Gas to come to a mutually
convenient payment agreement."
A decision on whether British Gas has accepted the proposals is expected on Tuesday. If not, the winding-up petition will be heard on Wednesday January 23 at the Royal Courts of Justice in London.
The company said it could not reveal if any other creditors involved or how the amount of debt involved.
The restructuring will not affect Alpamare's plans for a new spa at the Scarborough site.
“We will also soon be announcing the forthcoming opening of our brand new European-style Wellness Spa, which will signal an exciting new chapter for Alpamare Scarborough.
"With the final stages of construction nearing completion, Wellness at Alpamare extends across 900 square metres.
"It has a viewing terrace looking out over the stunning North Bay and will offer our customers the ultimate relaxation experience.”