Titan ups cash reserves
Titan Corp. has increased the cash reserve it has set aside to resolve two federal investigations into corporate bribery allegations.
The San Diego defense contractor boosted the reserve to between $26 million and $32 million from $3 million. The funds count toward Titan's estimated projected net loss of up to $78 million for the second quarter. The projected loss includes costs of its failed $2.2 billion merger agreement with Lockheed Martin Corp. last month and anticipated costs for exiting some noncore business units.