Amusement Co. Has Sights on Six Flags

There is one catch to the scenario, however. Southern Star Amusement doesn't own the shuttered park. Six Flags has been closed since the aftermath of Hurricane Katrina, in 2005. But Southern Star may have luck on its side, as Six Flag's parent company recently had to file for Chapter 11 bankruptcy protection.

A recent article in the New Orleans Times Picayune says Six Flags' reorganization plan has no mention of the New Orleans park. The article also points out that Six Flags is required to pay the city of New Orleans $1.4 million a year in rent. The Times Picayune notes that Southern Star is interested in buying the land from the city, and using Go-Zone funding to remodel and re-open the theme park by 2010.