Early Briefing: Six Flags Shareholders
Six Flags filed for bankruptcy protection over the weekend, and shareholders including Washington Redskins owner Daniel M. Snyder and Bill Gates's Cascade Investment are likely to see their shares wiped out, according to a bankruptcy expert. Snyder has chaired the company since winning a proxy fight with Gates's support in 2005, and he owns about 6 percent of the shares. Those shares are likely to be worthless as the company pays off more senior creditors in anticipation of issuing new shares.
The chief executive of Gannett is taking a temporary medical leave of absence, the company said. Gannett, which is based in McLean and publishes USA Today, said that Craig Dubow, who also serves as the company's chairman and president, is taking time off following back surgery.
Gracia C. Martore, executive vice president and chief financial officer, will serve as the company's principal executive officer until Dubow returns to work, Gannett said.
Boeing said it has agreed to buy eXMeritus of Fairfax for an undisclosed amount. EXMeritus, which has fewer than 30 workers, provides hardware and software that lets federal agencies share information securely. The deal is expected to close at the end of the month.
Boeing characterized the move as part of its strategy to get more heavily into the cyber and intelligence markets. "Our military and government customers have said that protecting vital information networks against cyber attacks is one of the nation's highest priorities, and Boeing is responding to the call," Jim Albaugh, Boeing Integrated Defense Systems chief executive, said in a statement.
Capital One said that defaults on U.S. credit cards rose in May, but delinquencies slowed for a third straight month. In a regulatory filing, the McLean-based company said the annual net charge-off rate, or the percentage of loans the company believes won't be repaid to total managed loans, rose to 9.41 percent from 8.56 percent in April.
The rate for loans at least 30 days delinquent improved for a third straight month. The delinquency rate fell to 4.9 percent from 5.04 percent.
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