8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                     FORM 8-K



                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



       Date of Report (date of earliest event reported): January 15, 2002


                            MAXXAM GROUP HOLDINGS INC.
             (Exact name of Registrant as Specified in its Charter)



                                    DELAWARE
                 (State or other jurisdiction of incorporation)



                                    333-18723
                            (Commission File Number)



                                   76-0518669
                     (I.R.S. Employer Identification Number)





     5847 SAN FELIPE, SUITE 2600
           HOUSTON, TEXAS                                77057-3010
(Address of Principal Executive Offices)                 (Zip Code)




    Registrant's telephone number, including area code:  (713) 975-7600



Item 5.    Other Events

      Attached hereto as Exhibit 99.1 is a press release dated January 15, 2002
and issued by Kaiser Aluminum Corporation ("KAC"), an affiliate of the registrant,
in connection with discussions KAC will begin to have with its noteholders
regarding its near-term debt maturities.



                                   SIGNATURES


      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Dated:  January 15, 2002
                                        MAXXAM Group Holdings Inc.

                                        /s/ Bernard L. Birkel

                                        By:   Bernard L. Birkel
                                              Secretary


                                  EXHIBIT INDEX


Exhibit 99.1:   Press release dated January 15, 2002

EX-99

                                  Exhibit 99.1

January 15, 2002

For Information:  Scott Lamb
Telephone:  (713) 267-3826


KAISER ALUMINUM TO BEGIN DISCUSSIONS WITH NOTE HOLDERS


HOUSTON, Texas, January 15, 2002 - Kaiser Aluminum (NYSE:KLU), as previously
announced, is working with its financial advisors to review its options for
addressing its near-term debt maturities and overall capital structure. As a
result, the company announced today that it will begin discussions within the
next few weeks with its note holders regarding potential restructuring of its
9-7/8% Senior Notes of 2002 ($174 million outstanding), 10-7/8% Senior Notes of
2006 ($225 million outstanding) and 12-3/4% Senior Subordinated Notes of 2003
($400 million outstanding) in light of current and anticipated business and
capital market conditions.

As the company previously discussed, most recently in its Form 10-Q report for
the period ended September 30, 2001 and in its December 20, 2001 press release,
a variety of unfavorable issues including weak market demand exacerbated by the
events of September 11 and low aluminum prices, coupled with significant ongoing
legacy obligations and near-term debt maturities, continue to have adverse
effects on the company's earnings and cash flow.



Company press releases may contain statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. The company cautions that any such forward-looking statements are not
guarantees of future performance and involve significant risks and
uncertainties, and that actual results may vary materially from those expressed
or implied in the forward-looking statements as a result of various factors.