The U.S. Bankruptcy Court for the District of Delaware has approved the lease termination and settlement agreement between Six Flags and New Orleans.
Thursday's agreement means that Six Flags will pay the city $3 million and 25 percent of any insurance the amusement company receives.
In June, Six Flags declared bankruptcy. Before that filing, meetings were held in May to discuss recovery of insurance proceeds and the future development of the park.
Also earlier this year, New Orleans filed a temporary restraining order prohibiting the company from removing any rides, attractions or assets from the park.
There are a couple of plans to use the park. One calls for a Nickelodeon themed amusement park and water park, the other would be a youth sports complex and water park.
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