-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ERUcU59cMmlkaxEpbAakhCJumDkMEvafLnKH3aoJsL81WXrI8T9Ott5b+OFy+ADY 4TpkeSAT3Q54fINTNfWEbA== 0000950129-05-002577.txt : 20050317 0000950129-05-002577.hdr.sgml : 20050317 20050317172317 ACCESSION NUMBER: 0000950129-05-002577 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050316 ITEM INFORMATION: Other Events FILED AS OF DATE: 20050317 DATE AS OF CHANGE: 20050317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXXAM INC CENTRAL INDEX KEY: 0000063814 STANDARD INDUSTRIAL CLASSIFICATION: PRIMARY PRODUCTION OF ALUMINUM [3334] IRS NUMBER: 952078752 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03924 FILM NUMBER: 05689807 BUSINESS ADDRESS: STREET 1: 1330 POST OAK BOULEVARD STREET 2: SUITE 2000 CITY: HOUSTON STATE: TX ZIP: 77056-3058 BUSINESS PHONE: 7139757600 MAIL ADDRESS: STREET 1: 1330 POST OAK BOULEVARD STREET 2: SUITE 2000 CITY: HOUSTON STATE: TX ZIP: 77056-3058 FORMER COMPANY: FORMER CONFORMED NAME: MCO HOLDINGS INC DATE OF NAME CHANGE: 19881115 FORMER COMPANY: FORMER CONFORMED NAME: MCCULLOCH OIL CORP DATE OF NAME CHANGE: 19800630 FORMER COMPANY: FORMER CONFORMED NAME: MCCULLOCH OIL CORP OF CALIFORNIA DATE OF NAME CHANGE: 19691118 8-K 1 h23580e8vk.htm MAXXAM, INC. - DATED 3/16/2005 e8vk
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UNITED STATES
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): March 16, 2005

MAXXAM INC.

(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation or organization) 		  1-3924
(Commission File Number) 		  95-2078752
(I.R.S. Employer
Identification No.)
     
1330 Post Oak Boulevard
Suite 2000
Houston, Texas
(Address of principal executive offices) 		  77056
(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.14d-2(b))

o 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

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Item 8.01. Other Events.
SIGNATURES

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Item 8.01. Other Events.

     As previously disclosed, the Registrant’s indirectly wholly owned subsidiary, The Pacific Lumber Company (“Palco”) and Palco’s wholly owned subsidiary, Scotia Pacific Company LLC (“Scotia LLC”), have been in discussions with the staff of the California North Coast Regional Water Quality Control Board (the “North Coast Water Board”) seeking the staff’s clearance to operate under timber harvesting plans (“THPs”) already approved by the California Department of Forestry (“CDF”) and other state and federal regulatory agencies which review Palco’s THPs.

     Also as previously disclosed, the unreleased THPs located in the Freshwater and Elk River watersheds represent a substantial portion of the companies’ planned harvest for the first half of 2005, and the ongoing delay in receiving the North Coast Water Board staff’s release of these already-approved THPs has adversely impacted the cash flows of both Palco and Scotia LLC.

     On February 25, 2005, the Executive Officer of the staff of the North Coast Water Board publicly announced that she would approve the release of additional THPs such that Palco and Scotia LLC would be allowed to harvest up to 50% of the harvest limit established by the CDF for the Freshwater and Elk River watersheds.

     Palco and Scotia LLC have continued their efforts with the staff, and on March 16, 2005, Palco and Scotia LLC made a presentation to the North Coast Water Board seeking the release of additional THPs. At that meeting, the North Coast Water Board released additional THPs such that Palco and Scotia LLC would be allowed to harvest up to 75% of the harvest limit established by the CDF for the Freshwater and Elk River watersheds.

     As previously disclosed, Scotia LLC expects that without the prompt release of enough additional THPs, its cash flows from operations, together with funds available under its line of credit, will be inadequate to pay the entire amount of interest due on the July 20, 2005 payment date for its Timber Notes.

     Also as previously disclosed, Palco is facing a financial liquidity crisis and is currently in default under its credit agreement and has received a limited waiver, through March 18, 2005, of the default. Palco is seeking a more permanent solution to the default and its liquidity crisis. Again, no assurance can be given that this effort will be successful.

     Palco and Scotia LLC are reviewing the North Coast Water Board’s release of these additional THPs and its impact on the companies’ financial liquidity conditions. The remaining unreleased THPs represent an important portion of the companies’ planned harvest for the first half of 2005. Palco and Scotia LLC are continuing their efforts with the staff of the North Coast Water Board seeking the release of additional THPs. No assurance can be given that these efforts will be successful.

     In the event that the above-described efforts to secure a more permanent solution to the default and liquidity crisis and to release additional THPs are not favorably concluded, Palco and its subsidiaries, including Scotia LLC, expect that they will be forced to take extraordinary actions, which may include: reducing expenditures by laying off employees and shutting down various operations; seeking other sources of liquidity, such as from asset sales; and seeking protection by filing under the United States Bankruptcy Code.

 

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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.
         
Date: March 17, 2005  MAXXAM INC.
 		  
  By:   /s/ Paul N. Schwartz    
    Name:   Paul N. Schwartz   
    Title:   President and Chief Financial Officer   
 

 

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