Six Flags settlement okayed by bankruptcy court

A federal bankruptcy judge today approved a settlement between Six Flags Inc. and the city of New Orleans. The two have butted heads since shortly after the park's closing due to Six Flag's refusal to reopen Six Flags New Orleans on the city's schedule. Under the approved agreement, Six Flags will pay the city $3 million and 25 percent of insurance proceeds--following Hurricane Katrina's demolishment of the park--over $65 million. Southern Star Amusement's plan for the new development adjacent to the currently standing property is expected to cost between $165 million and $170 million. Neither Southern Star nor Nickelodeon, who will be refurbishing and rebranding the abandoned park, will receive local public funding to construct the properties. [Forbes]