Maui Land & Pineapple Co. is looking to existing shareholders to help bail it out of financial woes that may lead to the company's demise if left unresolved.

The company yesterday said it wants to sell up to $25 million of subscription rights to shareholders that allow them to buy additional common stock in the company.

The sale is targeted at helping alleviate some of the financing problems facing the Kahului, Maui-based company after large losses from its agriculture and real estate operations.

This includes $115 million of losses in pineapple during the past seven years and setbacks associated with the development and sale of the Residences at Kapalua, a fractional ownership development at the Kapalua Resort operated by Maui Land in West Maui.

The company, whose biggest owner is former AOL chairman Steve Case, had a net loss of $92.9 million through the first nine months of the year and is winding down pineapple operations that once were at the heart of its business. Maui Land has had three chief executive officers in the past year.

Details of Maui Land's finances were included in a filing at the U.S. Securities and Exchange Commission yesterday.

In it, company auditor Deloitte & Touche LLP, said it had substantial doubt about the company's ability to continue as a going concern should it be unable to stanch losses. The filing detailed a number of steps Maui Land has been taking, including renegotiating $70 million of credit lines from Wells Fargo Inc. and American AgCredit that were to mature in March. The company said it was able to increase the amount available under one of the credit lines while extending both lines' maturity for a year.

The revised agreements, however, carry a higher interest rate. The company is to maintain liquidity of $8 million and will be in default of the loans should it slip below that level. The liquidity includes cash on hand along with amounts available under lines of credit.

Maui Land is also looking at selling several real estate parcels to pay down debt and provide additional liquidity. It said the sales were a key part of its strategy to regain financial health.

"The company's cash outlook for the next twelve months and ability to continue to meet its financial covenants is high dependent on selling certain real estate assets in a difficult market," the filing said.

"If the company is unable to meet its financial covenants resulting in the borrowings becoming immediately due, the company would not have sufficient liquidity to repay such outstanding borrowings."

The filing yesterday didn't detail what property is up for sale, though it said the company is marketing a 25-acre parcel in Kahului that includes administrative offices, a fresh fruit packing facility and former cannery site.

Other pieces of its initiative include finding third parties to oversee parts of its operations. Earlier this month the company announced Outrigger Enterprises Group was taking over management of the 206-unit Kapalua Villas.

It also has said it was looking at licensing operations of Kapalua Adventures and finding an operator to provide resort shuttle and security services for the Kapalua Resort Association.

It also has been seeking an operator for Kapalua Farms, an organic farming business.

Still to be resolved are negotiations on a $35 million committent to buy the spa, beach club improvements and sundry store at the Residences at Kapalua. Maui Land said it is renegotiating the purchase so it can avoid immediate cash requirements.

Sales of condominiums and fractional ownership interests at the Residences at Kapalua haven't gone as well as hoped, with 19 of the 84 condominiums being sold and 62 of the 744 fractional interests being transacted.

Maui Land said it's written down its investment in the venture developing the Residences at Kapalua to zero.

It also disclosed its finances may be affected by an ongoing a dispute about a canceled Maui LPGA event and a lawsuit stemming from the shutdown of pineapple operations.

Maui Land's shares ended regular trading on the New York Stock Exchange at $5.91 each yesterday. That was 56 percent lower than at the start of the year.