SED International Holdings, Inc. filed a motion in the US Bankruptcy Court seeking approval for the sale of substantially all the shares of its subsidiary on December 7, 2016. As per the motion, debtor seeks to sell substantially all the shares of SED International de Colombia, S.A.S. to Ark Investments, LLC for $0.60 million, as per the agreement dated December 6, 2016. Buyer has deposited $0.06 million as earnest money deposit. Under the proposed bidding procedures, to qualify as a qualified bidder, interested parties should submit their bids by February 17, 2017. The initial minimum overbid should be at least of $0.65 million. The debtor has scheduled an auction on February 21, 2017. Buyer will be entitled to the expense reimbursement of up to $0.03 million upon termination of the agreement. Sale hearing is scheduled for February 23, 2017. Transaction is expected to close on or before February 28, 2017.