Garden Isle publisher files for bankruptcy

WILMINGTON, Del. » Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch, The Garden Isle on Kauai and more than 40 other daily newspapers, filed for Chapter 11 bankruptcy protection Monday as part of a previously announced refinancing plan.

Lee made what was known as a prepackaged filing in U.S. Bankruptcy Court in Wilmington. In such cases a company reaches agreements with most lenders ahead of time, allowing it to emerge from Chapter 11 quickly. Lee said it already had support from lenders and note holders holding more than 95 percent of its debt. The filing is designed to force the remaining lenders to go along with its plan.

Lee, based in Davenport, Iowa, has said it expects to emerge from the bankruptcy process within 60 days. The company said the filing should not affect employees, suppliers or customers.

U.S. farmers prosper as crop sales soar

ST. LOUIS » An Illinois farmer made so much money this year he made loan payments on one tractor a year in advance and exchanged some older ones for newer models. An Iowa farmer upgraded his combine and also paid off debt, while an elderly Oregon farmer poured into retirement funds a bundle of his $2 million take from a well-timed sale of much of his turf and equipment.

While much of America worries about the possibility of a double-dip recession, such stories of prosperity are cropping up as U.S. farmers enjoy their best run in decades, thanks to high prices for many crops, livestock and farmland and strong global demand for corn used in making ethanol.

Farm profits are expected to spike by 28 percent this year to $100.9 billion, and the amount of cash farms have available to pay bills also is expected to top $100 billion — the first time both measures have done so, according to the U.S. Department of Agriculture. All the while, crop sales are expected to pass the $200 billion mark for the first time in U.S. history, and double-digit increases are expected in livestock sales.

Darker Intel outlook hampers tech stocks

SANTA CLARA, Calif. » After chip maker Intel Corp. cut its fourth-quarter revenue outlook Monday due to hard disk drive shortages stemming from massive flooding in Thailand, shares for the entire sector sank.

Only stocks of financial companies fell more sharply as their industry was dogged by renewed anxiety over the debt crisis in Europe.

Intel, based in Santa Clara, Calif., now expects fourth-quarter revenue of $13.4 billion to $14 billion, down from $14.2 billion to $15.2 billion during the key holiday quarter. Wall Street was looking for revenue of $14.65 billion, according to FactSet.

ON THE MOVE

Outrigger Enterprises Group has promoted the following:

» Joy Uchida to corporate director of financial systems from corporate controller. Her experience with the company includes work as assistant controller, tax manager, financial reporting manager and controller.

» Carolyn Baba Aquino to treasury and finance manager/controller from controller. Prior to joining Outrigger, Aquino worked in different management positions at Prince ville Resort on Kauai, various Sheraton properties on the three islands and Renaissance Ilikai Waikiki Hotel.

Donald C.W. Kim has been elected chairman of Ohana Pacific Bank, a Honolulu-based Korean-American community bank that opened on June 1, 2006. Kim, one of the founders of the bank, has led several major engineering firms and professional organizations in Hawaii and is chairman and chief executive officer of AMKOR A&E Inc., an architectural and engineering firm. Kim also has served as chairman of the Board of Regents at the University of Hawaii and has been a trustee of the University of Hawaii Foundation and president of the University of Hawaii Alumni Association.