Starbucks Corporation confirms that the company is participating in a bankruptcy auction for TC Global, Inc. (Tully's Coffee). A representative for Starbucks declined to divulge into the details of the bids citing the court's confidentiality orders. However, last week, the Seattle Times reported that Starbucks only wants to buy about half of Tully's chains.

The auction process is not public and the result of the auction is expected to be filled in court on January 4, 2012.