MAXXAM INC
8-K, 1998-06-23
PRIMARY PRODUCTION OF ALUMINUM
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                     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:   June 23, 1998


                       SCOTIA PACIFIC HOLDING COMPANY
           (Exact name of Registrant as Specified in its Charter)



                                  DELAWARE
               (State or other jurisdiction of incorporation)



                                  33-55538
                          (Commission File Number)



                                 74-2652575
                  (I.R.S. Employer Identification Number)




         P.O. BOX 712                           95565
  125 MAIN STREET, 2ND FLOOR                 (Zip Code)
      SCOTIA, CALIFORNIA
     (Address of Principal
       Executive Offices)



Registrant's telephone number, including area code: (707) 764-2330

<PAGE>
ITEM 5.   OTHER EVENTS

          Attached hereto as Exhibit 99.1 is a press release announcing a
private placement by Scotia Pacific Company LLC, a Delaware limited
liability company which would be the successor by merger to the Registrant. 
This press release is being filed with the Securities and Exchange
Commission pursuant to Rule 135c under the Securities Act of 1933.



                                 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.

                                           SCOTIA PACIFIC HOLDING COMPANY
                                                    (Registrant)



Date:  June 23, 1998                    By:     /s/ Paul N. Schwartz        
                                                  Paul N. Schwartz
                                                   Vice President



                     UNIT OF MAXXAM INC. TO OFFER NOTES

          HOUSTON, Texas, June 18, 1998 -- MAXXAM Inc. announced plans to
refinance the existing debt of its wholly owned forest products operations
with an offering of three new classes of timber collateralized notes by a
new subsidiary, Scotia Pacific Company LLC.

          The three new classes aggregate an estimated $860 million
principal amount and are expected to be rated investment grade.  The final
size and maturity of each class will be determined after a marketing period
and will be based upon then-existing market conditions.

          The new subsidiary will be the successor by merger to Scotia
Pacific Holding Company (a wholly owned subsidiary of The Pacific Lumber
Company) and will also receive certain additional timberlands and timber
harvesting rights from Pacific Lumber in connection with the offering.

          The proceeds of the new timber notes would be used to retire (i)
all the outstanding  $309.2 million principal amount of the 7.95% Timber
Collateralized Notes of Scotia Pacific Holding Company, (ii) all the
outstanding $235.0 million principal amount of the 10 1/2% Senior Notes of
Pacific Lumber, and (iii) all the outstanding $225.7 million aggregate
principal amount of the 11 1/4% Senior Secured Notes and the 12 1/4% Senior
Secured Discount Notes of MAXXAM Group Inc. (MGI), and to pay a dividend of
approximately $15 million to MGI's parent, MAXXAM Group Holdings Inc.
(MGHI).

          Consummation of the offering is a condition to, and is
conditioned upon, the successful completion of a related consent
solicitation to be made to the holders of MGHI's 12% Senior Secured Notes.

          The new timber notes to be offered have not been registered under
the Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.

          MAXXAM (ASE:MXM) operates primarily in three areas:  aluminum,
forest products, and real estate.


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