New Orleans drafts lease termination agreement for Six Flags
Posted September 19, 2009, 8:20P |
Contributed by Chitown
A New Orleans board drafted a lease termination agreement for Six Flags that will be presented to the bankruptcy court in Delaware on Oct. 8 for approval. In addition to terminating the lease, an agreement signed Friday by Mayor Ray Nagin and IDB President Walter C. Flower III calls for Six Flags to make a $3 million cash payment to the city. The company will also give New Orleans 25 percent of its net Hurricane Katrina-related insurance proceeds if the recovery amount exceeds $65 million.
Read more from The Times-Picayune.