A collapsible fire fighting bucket assembly to be suspended from an aircraft for fighting wild fires, the bucket being made of pliable material and having an open upper end for filling from a body of water. A tubular extension extends from an opening in the bottom of the bucket and has a free end formed with a discharge port provided with resilient sealing lips which are brought into sealing engagement with each other to close the port to minimize water leakage from the tubular extension. A harness suspends the bucket from the aircraft and a releasable support releasably supports the free end of the tubular extension within the bucket body extending upwardly from the opening to close the discharge port. The releasable support cooperates with the openings to allow the tubular extension to be rapidly lowered so as to extend downwardly from the bottom to open the discharge port for dumping the water. The sealing lips are drawn together by purse lines passing through openings adjacent the discharge port but spaced from the sealing lips to avoid abrasion of the lips that occurred with prior art bucket valves. The purse lines cooperate with the releasable support to control location of the free end of the tubular extension.