Additional Scotia Pacific timber cutting disallowed by California agency

By Ted A. Knutson

Washington, June 20 - Maxxam Inc. said Thursday the California State Water Resources Control Board has revoked the North Coast Water Board's approval of an additional 25% of timber harvesting rights on its Scotia Pacific LLC unit's land in the Freshwater and Elk River watersheds.

Maxxam said this further makes it likely that Scotia Pacific will not be able to pay all of the interest due July 20 on Scotia's $750 million of timber collateralized notes.

Houston-based Maxxam, a firm focused on the natural resources and real estate businesses, made the disclosure in an 8-K filing with the Securities and Exchange Commission.

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