Kentucky Kingdom deal reached

From the Associated Press:

“LOUISVILLE, Ky. (AP) – Six Flags and the Kentucky State Fair Board have reached a deal in which the amusement park company would surrender its stake in Kentucky Kingdom.

The Courier-Journal reports that the deal is subject to the approval of a bankruptcy court judge in Delaware. Fair board president Harold Workman says that could come in August.

Six Flags, which has filed for bankruptcy protection, announced in February it was closing Kentucky Kingdom and the park remained closed this summer.

The deal requires the fair board to forgive $2.8 million in lease-related payments owed by Six Flags and for the state to accept Six Flags release of its property rights in lieu of $2.5 million in back taxes.

A Louisville businessman, Ed Hart, has a deal in place to run the amusement park and hopes to have it open by summer 2011.”