© Six Flags New Orleans
The Water Recedes: Six Flags finally able to unload the water logged park. |
Six Flags has finally been allowed to dump their New Orleans property. After a long dispute with the city regarding the park which took such a big hit, Six Flags has agreed to make financial reparations in exchange for being released from their lease deal. From the very beginning of this debate, Six Flags had been determined not to re-open the damaged park.
But the city of New Orleans insisted that re-starting the tourism industry was crucial and demanded that Six Flags get things going again. According to the terms of the lease that the park had taken out with the city, they were supposed to keep the park open until the contract was up.
Six Flags however decided that the park would not make a substantial enough profit in the water-logged city. And to add insult to injury, they even started re-locating most of the rides that they deemed to be salvageable to other parks in the chain. Most notably, Six Flags New Orleans' Batman the Ride clone was sent to Six Flags Fiesta Texas.
This led the city of New Orleans to actually file a restraining order against Six Flags to keep them from removing any more rides. Everything seemed to be in legal gridlock. The breakthrough came when Six Flags filed for Chapter 11 bankruptcy earlier this summer.
As part of their re-structuring and attempts to lessen their debt, the U.S. Bankruptcy Court of the District of Delaware has approved the termination of Six Flags' lease with the city of New Orleans. In return, Six Flags will pay New Orleans $3 million and 25% of whatever money they get from the insurance money.
