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MAXXAM SUBSIDIARY FILES REGISTRATION STATEMENT

 HOUSTON, June 8 /PRNewswire/ -- MAXXAM Inc. (AMEX: MXM) said today that its wholly owned subsidiary, MAXXAM Group Inc. (MGI or the "company"), has filed a registration statement with the Securities and Exchange Commission for the sale of Senior Secured Notes due 2003 and Senior Secured Discount Notes due 2003 (collectively, the "Notes"). The Notes are expected to yield gross proceeds of approximately $200 million, which would be used to retire MGI's 12-3/4 percent Notes due 1995 and MAXXAM's 14 percent Senior Subordinated Reset Notes due 2000. $150 million of the MGI 12-3/4 percent Notes and $45 million of the MAXXAM 14 percent Reset Notes are currently outstanding.
 The Notes are to be secured by a pledge of the common stock of the company's wholly owned subsidiaries, The Pacific Lumber Co. and Britt Lumber Co. Inc., and a portion of the shares of the common stock of Kaiser Aluminum Corp. (NYSE: KLU) owned by MAXXAM.
 In connection with the offering, the company would effect a realignment of its operations so that it will be engaged, through its subsidiaries, solely in forest products operations. In order to effectuate the forest products group formation, MGI will transfer to MAXXAM 50 million shares of the stock of Kaiser Aluminum Corp., a portion of which would be pledged to secure the Notes, as referenced above, and all other assets and liabilities unrelated to the forest products businesses.
 The underwriters for the proposed offering are Donaldson, Lufkin & Jenrette Securities Corp. and Bear, Stearns & Co. Inc.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 MAXXAM operates in three industries: aluminum (through Kaiser Aluminum Corp., an 87.2 percent owned, fully integrated aluminum producer); forest products (through The Pacific Lumber Co. and Britt Lumber Co. Inc.); and real estate management and development (principally through MAXXAM Property Company and various wholly owned subsidiaries).
 -0- 6/8/93
 /CONTACT: Scott Lamb of MAXXAM, 713-267-3826, or, home, 713-367-6706/
 (MXM KLU)


CO: MAXXAM Inc.; MAXXAM Group Inc.; Kaiser Aluminum Corp. ST: Texas IN: MNG PAP SU:

TM -- SF011 -- 6760 06/08/93 17:47 EDT
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Publication:PR Newswire
Date:Jun 8, 1993
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