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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.