updated email regarding netco process here ' s the updated email after responses from business and legal types :
there have been several media reports this morning regarding the status of our efforts to preserve the value of our north american natural gas and power business . as we ' ve said , we ' d like to form a joint venture with an entity with a strong credit rating so that our trading business can continue to deliver value to our company and our creditors . we ' d like to update you on the timing of the process as we currently see it .
this wednesday , december 19 th , we will ask the bankruptcy court to approve bid procedures for potential suitors to follow as they proceed to make offers for a joint venture . if we are successful , we will ask the judge to set a bid deadline of january 7 th , 2002 . at that point , we would review the bids with the creditors ' committee and , after a process to determine the best offer , we will jointly ask the bankruptcy court to approve the winning bid . additionally , we will continue to try to close a deal prior to january 7 th , which would then be subject to competitive bids form other counterparties . the number of counterparties interested in a deal continues to grow .
between now and the bid deadline , we will continue to work with all interested parties and assist them in their respective due diligence processes so that they can make the most informed bids . many of our colleagues will be working very hard over the holidays to move this process along and help ensure our efforts to come out of bankruptcy are successful . please give them your full cooperation and support .
updated email regarding netco process
here ' s the updated email after responses from business and legal types :
there have been several media reports this morning regarding the status of our efforts to preserve the value of our north american natural gas and power business . as we ' ve said , we ' d like to form a joint venture with an entity with a strong credit rating so that our trading business can continue to deliver value to our company and our creditors . we ' d like to update you on the timing of the process as we currently see it .
this wednesday , december 19 th , we will ask the bankruptcy court to approve bid procedures for potential suitors to follow as they proceed to make offers for a joint venture . if we are successful , we will ask the judge to set a bid deadline of january 7 th , 2002 . at that point , we would review the bids with the creditors ' committee and , after a process to determine the best offer , we will jointly ask the bankruptcy court to approve the winning bid . additionally , we will continue to try to close a deal prior to january 7 th , which would then be subject to competitive bids form other counterparties . the number of counterparties interested in a deal continues to grow .
between now and the bid deadline , we will continue to work with all interested parties and assist them in their respective due diligence processes so that they can make the most informed bids . many of our colleagues will be working very hard over the holidays to move this process along and help ensure our efforts to come out of bankruptcy are successful . please give them your full cooperation and support .