FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 11, 1997
MAXXAM INC.
(Exact name of Registrant as Specified in its Charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-3924
(Commission File Number)
95-2078752
(I.R.S. Employer Identification Number)
5847 SAN FELIPE, SUITE 2600 77057
HOUSTON, TEXAS (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code: (713) 975-7600
ITEM 5. OTHER EVENTS
On September 28, 1996, MAXXAM Inc. ("MAXXAM") and its principal
forest products subsidiary, The Pacific Lumber Company, on behalf of
itself, its subsidiaries and its affiliates ("Pacific Lumber," and together
with MAXXAM, the "Pacific Lumber Parties") entered into an agreement (the
"Headwaters Agreement") providing the framework for acquisition by the
United States and California of approximately 5,600 acres of Pacific
Lumber's timberlands. As part of the Headwaters Agreement, the Pacific
Lumber Parties agreed to a moratorium on certain logging operations,
including salvage logging (the "Moratorium"). The Moratorium was to
terminate if by July 28, 1997 various closing conditions had not been met.
On March 11, 1997, the Pacific Lumber Parties agreed to amend the
Headwaters Agreement to extend the period of time during which these
closing conditions must be met to February 17, 1998. The extension is,
however, subject to the achievement of certain milestones toward completion
of the Headwaters Agreement. The parties have agreed to execute an
amendment to the Headwaters Agreement evidencing these modifications.
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.
MAXXAM INC.
(Registrant)
Date: March 12, 1997 By: /s/ PAUL N. SCHWARTZ
--------------------------------
Paul N. Schwartz
Executive Vice President and
Chief Financial Officer
