The water park Wet n'Wild in North Tyneside has gone into administration and remains closed until further notice.
Administrators say the park will be maintained whilst they attempt to find a buyer, but the majority of its 69 staff has already been made redundant.
More top news
The children on board were from Easingwold School and were travelling along roads affected by heavy rain and flooding after Christmas.
The walls had been closed to the public at the weekend amid fears of a collapse.
Junk food advertising is to be banned across all children's media - including online and social - in a bid to tackle childhood obesity.