Six Flags to hand over New Orleans park to city

Six Flags officials have gained clearance to hand over the Katrina-ravaged Six Flags New Orleans to the city. In bankruptcy court last week, a Delaware judge okayed a reorganization deal that would free Six Flags' assets (including their New Orleans park) for restructuring. As part of this restructuring, Six Flags Inc. will hand over the New Orleans park to the city along with $3 million and percentage of insurance recoveries (from hurricane Katrina) over $65 million.

This deal allows New Orleans officials to begin in earnest talks to rebuilt and rebrand the long-closed park. Though Nickelodeon's offer to rebrand the park is now off the table, amusement company hopeful Southern Star has stated that the company will move ahead with plans to buy the land and the assets on it from the city of New Orleans. [WSJ]