A popular water park frequented by Hudson Valley residents for years has filed for bankruptcy. Mountain Creek Water Park was purchased just two years ago, and the company that runs it will be restructuring their debt in an attempt to turn the business around.

According to the New Jersey Herald, a $26 million obligation to the Vernon Township Municipal Utilities Authority, stems from a 2012 agreement with the former owner. They assumed the debt which was accrued during the building of the towns sewer system.

Mountain Creek CEO Jeff Koffman released a statement Monday saying he remains commited to turning the property into a four season, four star resort. He adds, coming through bankruptcy in better financial shape is the best way to do that. The  are expected to stay open during the proceedings.

The site itself has a long storied history, it was known as Action Park before re-branding as Mountain Creek in 1998. Check out the video below for some of the reasons Action Park was infamous.