HAWAII

Big Island YMCA gets Parker Ranch land

An old meeting facility in Waimea on the Big Island has been handed over to the local YMCA. The Island of Hawaii YMCA this week received the 4,000-square-foot Kahilu Town Hall and its 1.5 acres of land under a deal with Parker Ranch in which the YMCA paid only a fraction of the property's value.

The YMCA also gained control of an adjacent 10.3-acre park under a dollar-a-year lease for 99 years.

In plans made before he died, Richard Smart, Parker ranch owner, wanted the YMCA to have some property it could use to help young people, ranch officials said.

The YMCA branch, one of three on the island, said it will honor all existing reservations for use of the hall and will allow other community uses when the YMCA doesn't need it.

Parker Ranch, run since Smart's death in 1992 by the Parker Ranch Foundation Trust for the benefit of local charities, owns 225,000 acres of Big Island land.

Tesoro downgraded as it tries to raise cash

Tesoro Petroleum Corp., which operates Hawaii's largest oil refinery, was downgraded to "sell" from "unattractive" yesterday by analyst Frederick Leuffer Jr. at Bear, Stearns & Co.

Leuffer also cut his earnings-per-share estimates for the company in the third quarter to break-even from 60 cents and reduced his 2002 estimates to a loss of $1.15 from a loss of 15 cents and his 2003 estimates to a profit of $1.05 from $2.

The San Antonio-based company, which earlier this week said it lost $17.9 million in the second quarter, has been selling pipelines, gas stations and a marine-services unit to raise cash. Tesoro must raise $125 million to pay debt by year's end under agreements with banks.

Two other analysts, Jacques Rousseau of Friedman, Billings and Ramsey and John Cusick of Fahnestock & Co. reiterated their "buy" ratings. Overall, five analysts have "buy" ratings on Tesoro, four have "hold" ratings and one has a "sell" rating, according to Bloomberg News.

Tesoro's stock, down 75.3 percent this year, fell 98 cents, or 19 percent, yesterday to $3.24.

Maui teachers offered loans by City Bank

City Bank said yesterday it will offer deferred payment loans to special education teachers and aides working in a summer program on Maui.

The loans, with payments deferred until November, are being offered in response to Maui Mayor James "Kimo" Apana's efforts to help the educators, who are facing a pay lag from the state Department of Education.

"We would like to extend some relief to these teachers and aides who may be facing difficult times," said Ronald K. Migita, vice chairman and chief executive of City Bank.

Interested Maui teachers and aides can contact Kevin Yoshida at 250-8765 or 871-7761.

MAINLAND

UAL eyes bankruptcy, Business Week says

New York >> UAL Corp., parent of United Airlines, may file for bankruptcy by the end of the year, Business Week reported.

A cash squeeze is certain without federal loan guarantees, Business Week said, citing unnamed executives who also said the operator of the world's second-largest airline hired bankruptcy lawyers earlier this year.

The airline operator, which has applied for $1.8 billion of new loans backed by the U.S. government, must repay $900 million of debt in the fourth quarter and $150 million early next year, the magazine said. In addition, UAL needs $500 million for essentials such as aircraft parts and at least $250 million to cover its second-half operating losses.