Six Flags Allowed To Spend Its Cash
Six Flags, the theme park owner under Chapter 11 bankruptcy protection and chaired by Washington Redskins owner Daniel Snyder, won court permission to spend the cash held as collateral for its lenders.
U.S. Bankruptcy Judge Christopher S. Sontchi in Wilmington, Del., overruled objections from Avenue Capital Management II, owed about $100 million by Six Flags of New York, saying that Avenue didn't have a right as a minority lender to stop the company from using the cash it generates to keep operating.
Six Flags owes lenders, represented by J.P. Morgan Chase Bank, about $1.1 billion in debt guaranteed by the firm's assets, including whatever cash is generated during the summer season now underway. Six Flags last estimated that it has about $7 million in cash, said company attorney Steven T. Catlett.
-- Bloomberg News
SAIC's Chief Steps Down
Science Applications International Corp. announced the retirement of its chief executive, Kenneth Dahlberg, who has been with the company since November 2003.
"Consistent with the company's mandatory retirement policy for executive officers," Dahlberg will step down effective Sept. 20, the science and technology contractor said. SAIC also confirmed that Walter Havenstein, outgoing chief executive of the Rockville-based U.S. arm of BAE Systems, will take his place.
Under Dahlberg's leadership, SAIC transitioned from employee-owned to publicly traded and increased its annual revenue to $10 billion. SAIC, based in San Diego is one of the Washington region's biggest employers, with more than 17,000 workers in the area.
-- Emma L. Carew