Associated Press
By ALAN SAYRE , 10.08.09, 04:41 PM EDT 
NEW ORLEANS -- A settlement over Six Flags Inc.'s lease with New Orleans for the site of the defunct Six Flags New Orleans theme park was approved Thursday by a federal bankruptcy judge in Delaware.
Approval comes amid plans for a startup company, Southern Star Amusements of Baton Rouge, to take over the site and develop a Nickelodeon-themed park.
Under the agreement, Six Flags (SIX - news - people ), which is in bankruptcy reorganization, will pay the city $3 million and 25 percent of any insurance proceeds Six Flags recovers from Hurricane Katrina damage above $65 million.
Under Southern Star Amusement's plan, the new development would cost $165 million to $170 million. Nickelodeon, a unit of Viacom Inc.( VIA - news - people ), will get a licensing fee and the city will retain a leasing arrangement with Southern Star. There will be no local public funding used to construct the park.
NEW ORLEANS -- A settlement over Six Flags Inc.'s lease with New Orleans for the site of the defunct Six Flags New Orleans theme park was approved Thursday by a federal bankruptcy judge in Delaware.
Approval comes amid plans for a startup company, Southern Star Amusements of Baton Rouge, to take over the site and develop a Nickelodeon-themed park.
Under the agreement, Six Flags (SIX - news - people ), which is in bankruptcy reorganization, will pay the city $3 million and 25 percent of any insurance proceeds Six Flags recovers from Hurricane Katrina damage above $65 million.
Under Southern Star Amusement's plan, the new development would cost $165 million to $170 million. Nickelodeon, a unit of Viacom Inc.( VIA - news - people ), will get a licensing fee and the city will retain a leasing arrangement with Southern Star. There will be no local public funding used to construct the park.
Amusement parks are a big part of a childhood that you would never consider them going bankrupt. It will be interesting to see how a Nickelodeon theme park does
ReplyDeletePosted By: Sara Sindelar
I actually worked for Nickelodeon this past summer and heard something about them thinking about working with Six Flaggs! Can't wait! - Kelsey Hoffman
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