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): October 19, 2009
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)
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
Not Applicable
(Former name, former address and
former fiscal year, if changed since last report)
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:
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 14d-2(b) 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))
Item 8.01 | Other Events. |
A subsidiary of the Registrant, Palmas Country Club, Inc. (“PCCI”), operates a golf course and country club at the Registrant’s Palmas del Mar residential and resort development. The Registrant has previously disclosed that PCCI is experiencing cash flow difficulties, resulting in a default under a letter of credit reimbursement agreement for failure to pay letter of credit fees owed to the Puerto Rico Tourism Development Fund (the “TDF”). On October 19, 2009, PCCI and TDF entered into a Loan Agreement under which TDF is providing PCCI a $525,000 non-revolving line of credit to pay operating expenses. The facility matures on April 20, 2010.
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. | ||
Date: October 21, 2009 | By: | /s/ Bernard L. Birkel |
Name: | Bernard L. Birkel | |
Title: | Secretary |
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