Alpamare says it is business as usual after reaching an agreement with its creditors.
It has announced today that it has secured a Company Voluntary Arrangement (CVA) to meet its debt obligations.
Director Dr Anton Hoefter said: "The fact that the CVA proposal has been accepted is very positive news for Alpamare, as it allows us to continue trading as before.
"With the new Wellness at Alpamare opening soon, we will be able to offer something new and unique for Scarborough and enhance the attractiveness of the waterpark even further."
Concerns about the future of Alpamare surfaced last week when it was revealed that British Gas Trading had brought a winding-up petition against the waterpark.
That was due to be heard tomorrow but will not take place because of today's agreement.
Dr Hoefter confirmed that the main creditors were British Gas and Benchmark Leisure and that no local suppliers have been affected by the CVA.
The attraction has confirmed that the waterpark will not open all year round under restructuring. Read more here