update on wholesale jv auction i ' d like to send the following from greg whalley to north american employees . it is a quick update on the timing of the north american wholesale gas and power business auction . given the number of media reports out there , groups of employees , particularly those in the wholesale business , are asking for some info . before everybody begins to leave for the holidays , we ' d like for them to know what ' s going on with this process .
hopefully , by sending this out from greg , we can avoid the longer process of receiving and responding to input from the broader group of legal advisors . i have included everybody , though , and if anybody takes exception to my view , please send me your comments . otherwise , i ' ll ask brian rosen to approve the following for accuracy . once i receive his approval , i ' ll plan to send this out :
there have been several media reports 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 . additionally , we will continue to try to close a deal prior to january 7 th , which would be subject to competitive bids from other counterparties . the number of counterparties interested in a deal continues to grow . we plan to ask the court to approve the highest and best offer on january 11 th , 2002 .
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 that our efforts to come out of bankruptcy are successful . please give them your full cooperation and support .
update on wholesale jv auction
i ' d like to send the following from greg whalley to north american employees . it is a quick update on the timing of the north american wholesale gas and power business auction . given the number of media reports out there , groups of employees , particularly those in the wholesale business , are asking for some info . before everybody begins to leave for the holidays , we ' d like for them to know what ' s going on with this process .
hopefully , by sending this out from greg , we can avoid the longer process of receiving and responding to input from the broader group of legal advisors . i have included everybody , though , and if anybody takes exception to my view , please send me your comments . otherwise , i ' ll ask brian rosen to approve the following for accuracy . once i receive his approval , i ' ll plan to send this out :
there have been several media reports 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 . additionally , we will continue to try to close a deal prior to january 7 th , which would be subject to competitive bids from other counterparties . the number of counterparties interested in a deal continues to grow . we plan to ask the court to approve the highest and best offer on january 11 th , 2002 .
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 that our efforts to come out of bankruptcy are successful . please give them your full cooperation and support .