UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of July, 2006

Masisa S.A.
(Exact name of registrant as specified in its charter)

Masisa S.A.
(Translation of Registrant's name into English)

Av. Apoquindo 3650, Piso 10, Las Condes
Santiago, Chile

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934.

Yes _______ No ___X____

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b): 82-___

Item 1. The following is a free English translation of a report filed with the Chilean Superintendencia de Valores y Seguros on ~~January~~July 113, 2006:

MASISA S.A. Publicly-held Corporation Listed under Chilean Securities Registration N° 825 IMPORTANT EVENT


Ref.:		IMPORTANT EVENT
		Masisa S.A.
		Listed Company
		Chilean Securities Registration No. 825

Santiago, ~~January~~July ~~11th~~3, 2006

Mr. ~~Alejandro~~Alberto ~~Ferreiro~~Etchegaray ~~Yazigi~~de la Cerda Superintendent Superintendencia de Valores y Seguros ~~(Chile’s Insurance and Securities Superintendence)~~

To whom it may concern:

In accordance with ~~the provisions of~~ article 9 and paragraph two of article 10 of Law N°No. 18,045 of the Securities Market and in General Rule N°No. 30 of the ~~Superintendence~~Superintendency, I, being duly authorized, I hereby ~~report~~inform you about the following ~~information~~Important ~~as an important event~~Event:

InOn anJune ~~Extraordinary~~30, ~~Meeting~~2006, the Company presented to the Securities and Exchange Commission (SEC) its financial statements under US GAAP as of ~~Masisa~~December S31, 2005.~~A.’s~~ ~~Board~~The preparation of ~~Directors,~~these ~~from~~financial ~~now~~statements was based on ~~“Masisa”~~a orfinancial ~~the~~statement, ~~“Company”~~prepared under Chilean GAAP, ~~held~~which onshows ~~this~~a ~~date~~net income US$1,9 million lower than the ~~Board~~net ofincome ~~Directors~~reported ~~agreed~~in the financial statements (“FECU”) for that year, presented to the ~~following~~Superintendency of Securities and Insurance (SVS) on March 1, 2006.

1.-	To call a Bond Holders’ Meeting to be held in March 2006 for the approval of the following modifications to the bond indenture registered with the Superintendencia de Valores y Seguros under Nº 440, dated November 15th , 2005, pursuant to which the Series D bonds which will be placed on January 12th , 2006 were issued.
(a)	To modify Nº 14 of clause 4 of the bond indenture, replacing the third paragraph with the following text:
	“The Bonds will be redeemed –except for the Series D Bonds corresponding to the first issuance of the Line, which are governed by Nº 8 of clause 7 of this Indenture–, for an amount equal to the unpaid amount of its principal, plus interest accruing from the day after the last interest payment to the date of the redemption.-“.
(b)	To modify Nº 8 of clause 7 of the emission contract:
	“Eight/Anticipated Redemption.- The Series D Bonds may be redeemed as of April 15th , 2008, in the manner stated in Nº 14 of clause 4 of this instrument. Such Bonds will be redeemed for an amount equal to the present value of the discounted future cash flows of the Bond, corresponding to the unpaid amount of principal and interest, at a rate of 4.0% compounded annually, calculated over periods of 180 days.-“.
2.-	To call a Bond Holders’ Meeting to be held on the same date as the Meeting discussed in paragraph 1, to approve the following modifications to the bond indenture registered with the Superintendencia de Valores y Seguros under Nº 439, dated November 14th , 2005, pursuant to which the Series E bonds which will be placed on January 12th , 2006 were issued.
(a)	To modify Nº 14 of clause 4 of the bond indenture, replacing paragraph three with the following text:
	“The Bonds will be redeemed –except for the Series E Bonds corresponding to the first issuance in the Line, which are governed by Nº 8 of clause 7 of this Indenture–, for an amount equal to the unpaid amount of its principal, plus the interest accruing from the day after the day after the last interest payment to the date of the redemption.-“.
(b)	To modify number 8 of clause 7 of the bond indenture pursuant to which the Series E is issued, replacing it with the following:
	“Eight/Anticipated redemption.- The Series E Bonds may be redeemed as of April 15th , 2008, in the manner stated in clause 4, Nº 18 of this instrument. Such Bonds will be redeemed for an amount equal to the present value of the discounted future cash flows of the Bond, corresponding to the unpaid amount of principal and interest, at a rate of 4.4%, compounded annually, calculated over periods of 180 days.-“.

This reduced result is due to a shortage of inventory affecting the balance of Packaging materials account and occurred as a result of a tariff parameterization error of the tariffs used for valuing the consumption of these materials in the Company’s costs system.

~~Sincerely,~~ ~~Patricio~~Using ~~Reyes~~materiality ~~Urrutia~~criteria to evaluate the impact of this error in the financial statements, it was concluded that the amount of this error is not significant. However, as this error was detected after the issuance of the financial statements under ~~General~~the ~~Counsel~~Chilean regulation (March 1, 2006) but before the issuance of the financial statements of the 20-F under the North American regulation (June 30, 2006), this error was incorporated into the financial statements reported to the SEC, complying with ~~Masisa~~current Sregulation.A.

cc As the error is considered not significant by The Company, and in accordance to the accounting practices and criteria applied in Chile, will record the cumulative effect as of December 31, 2005 of US$1,9 million as a charge to Retained earnings in the Company’s Shareholders’ equity, and the effect during the first quarter of 2006, amounting to US$67 thousand, as a credit to income for this year. ~~Bolsa~~Both deadjustments ~~Valores~~will ~~(Stock~~be ~~Exchange)~~shown ~~Comisión~~in ~~Clasificadora~~the definancial ~~Riesgos~~statements ~~(Risk~~at ~~Classifying~~March ~~Commission)~~31, ~~Clasificadores~~2006 dewhich ~~Riesgo~~are the ~~(Risk~~last ~~Classification~~financial statements reported by the Company, for which the respective financial statements (“FECU”) will be reissued.

~~SIGNATURE~~ Sincerely,

~~Pursuant~~ Enrique toCibié ~~the~~Bluth ~~requirements~~ Chief ofExecutive ~~the~~Officer ~~Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on~~ ~~its~~Masisa ~~behalf by the undersigned, thereunto duly authorized~~S.A.

Date: January 12, 2006
	Masisa S.A.
	By:
		/s/ Patricio Reyes
		Patricio Reyes
		General Counsel


c.c.		Bolsa de Comercio de Santiago
		Bolsa Electrónica de Chile
		Bolsa de Corredores de Valparaiso

SIGNATURE

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, thereunto duly authorized.

Date: July 5, 2006

	Masisa S.A.

	By:
		/s/ Patricio Reyes
		Patricio Reyes
		General Counsel

Filing Compare · MASISA S.A.