The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the subsidiary of SED International Holdings, Inc. on December 16, 2016. The Court approved the asset purchase agreement between the debtor and Ark Investments, LLC, the stalking horse bidder, for the sale of its subsidiary for a purchase price of $0.60 million in cash. The debtor’s assets include all the shares of SED International de Colombia, S.A.S. 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.