Financially troubled Maui Land & Pineapple Co. said it will stop paying for life insurance and medical coverage for all its non-union retirees, the Maui News reported.

ML&P chief financial officer John Durkin on Monday called the move "regretful," but said it is in the best interests of the company.

Maui Land & Pineapple has shrunk to the point where it has more non-union retirees than active employees, not to mention many more retired union employees. Since union benefits were written into labor agreements, the company can't unilaterally cancel them.

The company said in December that its auditors had found its liabilities exceed assets by more than $60 million.

One of Maui's biggest landowners, the company said it hopes to sell some of its real estate to raise cash to meet its financial obligations.