-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QI0n6mrjO7SHPCuNJ6fox9xfPFyKOVqvdsIlucJJKMexboeBWv/W84oc/E3/h/zE 0gsOowduU8rrew/fs/ZbDg== 0001081316-04-000061.txt : 20040910 0001081316-04-000061.hdr.sgml : 20040910 20040910165111 ACCESSION NUMBER: 0001081316-04-000061 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040910 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20040910 DATE AS OF CHANGE: 20040910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VULCAN/BN GEOTHERMAL POWER CO CENTRAL INDEX KEY: 0001017939 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC, GAS & SANITARY SERVICES [4900] IRS NUMBER: 953992087 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-07 FILM NUMBER: 041026001 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400-A CITY: OMAHA STATE: NE ZIP: 68131 BUSINESS PHONE: 4022311641 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400-A CITY: OMAHA STATE: NE ZIP: 68131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAN FELIPE ENERGY CO CENTRAL INDEX KEY: 0001017941 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC, GAS & SANITARY SERVICES [4900] IRS NUMBER: 330315787 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-09 FILM NUMBER: 041026004 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-3500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CE SALTON SEA INC CENTRAL INDEX KEY: 0001087419 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470810711 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-16 FILM NUMBER: 041026017 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA MINERALS CORP CENTRAL INDEX KEY: 0001087420 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470811261 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-17 FILM NUMBER: 041026008 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALENERGY OPERATING CORP CENTRAL INDEX KEY: 0001087421 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330268085 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-18 FILM NUMBER: 041026018 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-3414500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NIGUEL ENERGY CO CENTRAL INDEX KEY: 0001087460 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330268502 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-19 FILM NUMBER: 041026010 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA FUNDING CORP CENTRAL INDEX KEY: 0000949149 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470790493 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538 FILM NUMBER: 041026000 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA BRINE PROCESSING L P CENTRAL INDEX KEY: 0000949256 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330601721 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538-01 FILM NUMBER: 041026009 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA POWER GENERATION L P CENTRAL INDEX KEY: 0000949258 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330567411 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538-02 FILM NUMBER: 041026007 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FISH LAKE POWER LLC CENTRAL INDEX KEY: 0000949260 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330453364 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538-03 FILM NUMBER: 041026012 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FORMER COMPANY: FORMER CONFORMED NAME: FISH LAKE POWER CO DATE OF NAME CHANGE: 19950810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA ROYALTY LLC CENTRAL INDEX KEY: 0000949262 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 470790492 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538-06 FILM NUMBER: 041026005 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FORMER COMPANY: FORMER CONFORMED NAME: SALTON SEA ROYALTY CO DATE OF NAME CHANGE: 19950810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VULCAN POWER CO /NV CENTRAL INDEX KEY: 0000949462 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 952636765 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-95538-04 FILM NUMBER: 041026002 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONEJO ENERGY CO CENTRAL INDEX KEY: 0001017943 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC, GAS & SANITARY SERVICES [4900] IRS NUMBER: 330268500 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-10 FILM NUMBER: 041026015 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEATHERS L P CENTRAL INDEX KEY: 0001017945 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC, GAS & SANITARY SERVICES [4900] IRS NUMBER: 330305342 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-12 FILM NUMBER: 041026011 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEL RANCH LP CENTRAL INDEX KEY: 0001017946 IRS NUMBER: 330278290 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-13 FILM NUMBER: 041026014 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELMORE LP CENTRAL INDEX KEY: 0001017947 IRS NUMBER: 330278294 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-07527-14 FILM NUMBER: 041026013 BUSINESS ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: 302 SOUTH 36TH STREET STREET 2: SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VPC GEOTHERMAL LLC CENTRAL INDEX KEY: 0001087415 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 330268085 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-12 FILM NUMBER: 041026003 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 S 36TH STE 400-A CITY: OMAHA STATE: NE ZIP: 68131 BUSINESS PHONE: 4023414500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH ST #400A CITY: OMAHA STATE: NE ZIP: 68131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALTON SEA POWER LLC CENTRAL INDEX KEY: 0001087416 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470810713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-13 FILM NUMBER: 041026006 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALENERGY MINERALS LLC CENTRAL INDEX KEY: 0001087417 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470810713 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-14 FILM NUMBER: 041026019 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 S 36TH STREET SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CE TURBO LLC CENTRAL INDEX KEY: 0001087418 STANDARD INDUSTRIAL CLASSIFICATION: STEAM & AIR CONDITIONING SUPPLY [4961] IRS NUMBER: 470812159 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-79581-15 FILM NUMBER: 041026016 BUSINESS ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 BUSINESS PHONE: 402-341-4500 MAIL ADDRESS: STREET 1: C/O SALTON SEA FUNDING CORP STREET 2: 302 SOUTH 36TH STREET, SUITE 400 CITY: OMAHA STATE: NE ZIP: 68131-3845 8-K 1 ssfc8k-92004.htm SALTON SEA FUNDING CORPORATION 8-K Salton Sea Funding Corporation 8-K

UNITED STATES
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  September 10, 2004
(Date of earliest event reported)

Commission File No. 33-95538

SALTON SEA FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
 
   
Delaware
  
47-0790493
   
(State of Incorporation)
  
(IRS Employer Identification No.)
Salton Sea Brine Processing, L.P.
  
California
  
33-0601721
Salton Sea Power Generation L.P.
  
California
  
33-0567411
Fish Lake Power LLC
  
Delaware
  
33-0453364
Vulcan Power Company
  
Nevada
  
95-2636765
CalEnergy Operating Corporation
  
Delaware
  
33-0268085
Salton Sea Royalty LLC
  
Delaware
  
47-0790492
VPC Geothermal LLC
  
Delaware
  
91-1244270
San Felipe Energy Company
  
California
  
33-0315787
Conejo Energy Company
  
California
  
33-0268500
Niguel Energy Company
  
California
  
33-0268502
Vulcan/BN Geothermal Power Company
  
Nevada
  
95-3992087
Leathers, L.P.
  
California
  
33-0305342
Del Ranch, L.P.
  
California
  
33-0278290
Elmore, L.P.
  
California
  
33-0278294
Salton Sea Power L.L.C.
  
Delaware
  
47-0810713
CalEnergy Minerals LLC
  
Delaware
  
47-0810718
CE Turbo LLC
  
Delaware
  
47-0812159
CE Salton Sea Inc.
  
Delaware
  
47-0810711
Salton Sea Minerals Corp.
  
Delaware
  
47-0811261

302 S. 36th Street, Suite 400, Omaha, Nebraska
  
68131
(Address of principal executive offices of
  
(Zip Code of
Salton Sea Funding Corporation)
  
Salton Sea Funding Corporation)
     
(402) 341-4500
Salton Sea Funding Corporation's telephone number, including area code:
 
N/A
(Former name or former address, 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:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Item 2.05     Costs Associated With Exit Or Disposal Activities.
 
The long-lived assets of the registrants, Salton Sea Brine Processing, L.P., Salton Sea Power Generation L.P. and Salton Sea Power L.L.C. (collectively, the "Salton Sea Guarantors") and Vulcan/BN Geothermal Power Company, Elmore, L.P., Leathers, L.P., Del Ranch, L.P., CE Turbo LLC, CalEnergy Minerals LLC, Salton Sea Minerals Corp., CalEnergy Operating Corporation, Vulcan Power Company, San Felipe Energy Company, Conejo Energy Company, Niguel Energy Company and VPC Geothermal LLC (collectively, the "Partnership Guarantors"), include rights to commercial quantities of extractable zinc, manganese, silica and other minerals from elements in solution in the geothermal brine and fluids utilized at certain geothermal energy generation facilities located in the Imperial Valley of California and a zinc recovery plant constructed by CalEnergy Minerals LLC ("CalEnergy Minerals") near the geothermal energy generation facilities designed to recover zinc from the geothermal brine through an ion exchange, solvent extraction, electrowinning and casting process (the "Zinc Recovery Project").
 
The Zinc Recovery Project began limited production during December 2002 and has continued limited production throughout 2003 and 2004. Efforts to increase production have continued since the Zinc Recovery Project was placed in-service with an emphasis on process modification. Management has been assessing the long-term economic viability of the Zinc Recovery Project in light of current cash flow and operating losses and the efforts to increase production, and has continued to evaluate the expected impact of the planned improvements to the extraction process during the third quarter of 2004. Furthermore, management has been exploring other operating alternatives, such as establishing strategic partnerships and consideration of ceasing operations of the Zinc Recovery Project.
 
On September 10, 2004, management made the decision to cease operations of the Zinc Recovery Project, effective immediately. Consequently, on September 10, 2004, CalEnergy Minerals committed to a plan to dispose of the Zinc Recovery Project’s assets and to fund the payment of one-time termination benefits to certain employees of CalEnergy Operating Corporation, the operator of the Zinc Recovery Project. As a result of ceasing operations of the Zinc Recovery Project, CalEnergy Minerals expects to make cash expenditures of approximately $13 million, consisting of pre-tax disposal costs, termination benefit costs and property taxes. Substantially all of such costs are expected to relate to disposal activities, and a portion of the disposal costs is expected to be offset by proceeds from sales of the Zinc Recovery Pro ject’s assets, which proceeds will be deposited into the revenue fund established and maintained by Salton Sea Funding Corporation ("Funding Corporation") on behalf of the holders of its outstanding bonds. Implementation of a disposal plan is expected to begin in September 2004 and is expected to continue into 2005.
 
On March 1, 2004, Funding Corporation completed the redemption of an aggregate principal amount of $136.4 million of its 7.475% Senior Secured Series F Bonds due November 30, 2018, pro rata, in part, at a redemption price of 100% of such aggregate outstanding principal amount plus accrued interest to the redemption date of March 1, 2004. The redemption was made pursuant to Section 2(j) of Funding Corporation's Fourth Supplemental Indenture at the option of Funding Corporation as substantial completion of the Zinc Recovery Project had not occurred and CalEnergy Minerals had used reasonable efforts to cause such Zinc Recovery Project to achieve substantial completion on or prior to its guaranteed substantial completion date. Funding Corporation made a demand on MidAmerican Energy Holdings Company ("MidAmerican") for the amount remaining on MidAmerican's guarantee of the Series F Bonds in order to fund the redemption. MidAmerican made the requisite payment and, as a result, it has no further payment obligation under the guarantee. No further redemption of Funding Corporation’s bonds is contemplated in connection with ceasing operations of the Zinc Recovery Project.
 
2
 
Item 2.06     Material Impairments.
 
Based on the facts and circumstances described above and the resulting decision to cease operations of the Zinc Recovery Project, management concluded on September 10, 2004 that a non-cash, after tax impairment charge of approximately $260 million and $92 million for the Partnership Guarantors and Salton Sea Guarantors, respectively, is required to write-off the long-lived assets and allocated goodwill (collectively, the "Mineral Assets"). The charge and the related activity of the Mineral Assets will be recorded as a discontinued operation in the statement of operations for both of the Salton Sea Guarantors and Partnership Guarantors.
 
Forward-Looking Statements
 
This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can typically be identified by the use of forward-looking words, such as "may", "will", "could", "project", "believe", "anticipate", "expect", "estimate", "continue", "potential", "plan", "forecast" and similar terms. These statements represent the intentions, plans, expectations and beliefs of Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors and are subject to risks, uncertainties and other factors. Many of these factors are outside the control of Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors and could cause actua l results to differ materially from such forward-looking statements.
 
These factors include, among others, general economic and business conditions in the jurisdictions in which the facilities of Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors are located; governmental, statutory, regulatory or administrative initiatives or ratemaking actions affecting Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors or the electric power generation industry; weather effects on sales and revenues; general industry trends; increased competition in the power generation industry; fuel and power costs and availability; changes in business strategy, development plans or customer or vendor relationships; availability, term and deployment of capital; availability of qualified personnel; financial or regulatory accounting principles or policies imposed b y the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, the SEC, the Federal Energy Regulatory Commission and similar entities with regulatory oversight; market and pricing risks relating to the disposal of the Zinc Recovery Project’s assets pursuant to the disposal plan; and other business or investment considerations that may be disclosed from time to time in the SEC filings of Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors or in other publicly disseminated written documents.
 
Funding Corporation, the Salton Sea Guarantors and the Partnership Guarantors undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors should not be construed as exclusive.
 
3
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 hereunto duly authorized.

 
SALTON SEA FUNDING CORPORATION
 
(Registrant)
Date:    September 10, 2004
  
 
/s/ Douglas L. Anderson
 
Douglas L. Anderson
 
Senior Vice President


4




 


 


 
-----END PRIVACY-ENHANCED MESSAGE-----