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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
March 10, 1997
Commission File Number 33-83618
SELKIRK COGEN FUNDING CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 51-0354675
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Bowdoin Square, Boston, Massachusetts 02114
(Address of principal executive offices, including zip code)
(617) 227-8080
(Registrant's telephone number, including area code)
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This document consists of 3 pages of which this page is page 1.
ITEM 5. OTHER EVENTS
On March 10, 1997, Niagara Mohawk Power Corporation ("Niagara Mohawk")
filed a Form 8-K with the Securities and Exchange Commission in which it
announced an agreement in principle to restructure or terminate 44 power
purchase contracts. Among the contracts which is proposed to be restructured
is the Power Purchase Agreement between Selkirk Cogen Partners, L.P. (the
"Partnership") and Niagara Mohawk for the electric output of the
Partnership's Unit 1. Pursuant to the agreement in principle and subject to
negotiation as described below, the parties propose to restructure the Unit 1
Power Purchase Agreement to provide for payments from Niagara Mohawk which
may be under one or more pricing arrangements for up to 12 years in lieu of
the capacity and energy payments which would be payable under the Unit 1
Power Purchase Agreement as currently structured. The details of the price
arrangements as well as other possible contract modifications are yet to be
negotiated, and implementation of the agreement in princip le is subject to a
number of significant conditions, including execution of binding agreements;
any requisite corporate, partnership and shareholder approvals; New York
Public Service Commission approval of both the agreement in principle and an
acceptable long term rate structure for Niagara Mohawk; other state and
federal approvals; the resolution of all tax issues; and obtaining required
amendments or waivers under existing credit agreements and third-party
contracts, including, with respect to the Partnership, satisfying certain
standards under its Trust Indenture relating to the absence of material
adverse changes and the maintenance of required projected debt service
coverage ratios or receiving any required approval of bondholders or other
creditors.
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SELKIRK COGEN FUNDING CORPORATION
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
SELKIRK COGEN FUNDING
CORPORATION
Date: March 14, 1997 /s/ JOHN R. COOPER
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Name: John R. Cooper
Title: Senior Vice President and
and Chief Financial Officer
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