Six Flags: Buyout Deal Was Rejected In 2007

ALAN SAYRE

NEW ORLEANS (AP) — City officials rejected a deal two years ago that would have paid New Orleans more than $14 million to allow Six Flags Inc. to walk away from its hurricane-shuttered theme park, the company's chief executive said Thursday.

City officials said Wednesday that a lawsuit against Six Flags was planned, citing an impasse with the New York-based company over reopening the park in eastern New Orleans.

But Six Flags Chief Executive Mark Shapiro told The Associated Press on Thursday that his company — which is now trying to avoid filing for Chapter 11 bankruptcy — offered in 2007 to pay its lease with the city, in full, upfront, waive all claims to city-owned land used by the park and give the city 86 acres that Six Flags owns.

"Now, the city is asking us to remake the same offer, but we're no longer in a position to be able to do that," Shapiro said.

Shapiro, who met with Mayor Ray Nagin and other officials Wednesday, said the company has no intention of reopening the park "and we've been clear on that for the past year."