Monday, October 12, 2009

Six Flags to Cut Ties with New Orleans Property

Bankruptcy court has approved a plan for Six Flags to formally cut ties with their closed Six Flags New Orleans property. This is the next step in the plans for Southern Star Amusements to reopen the property as a Nickelodeon themed park.

The deal has Six Flags paying the city $3 million and 25% of insurance proceeds from their Katrina filings above $65 million. Six Flags has already removed any mention of the closed park from their websites.

Now the path is clear for the development of the new park, which is still contingent on obtaining Gulf Opportunity Bonds to finance its construction. More details available here.