Motion for Asset Sale Filed by SED International Holdings, Inc.
December 07, 2016 at 12:00 am EST
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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.
SED International Holdings, Inc. is an international distributor of information technology (IT) technology products and solutions, computer systems and mobility devices in the United States, Latin America and the Caribbean. The Company sells its products through a sales force and Website to reseller customers in retail, e-commerce, value added resellers (VARs), system builders, original equipment manufacturers (OEMs) and various other reseller channels. The Company distribution facilities are located in Lawrenceville, Georgia; Miami, Florida, and San Jose, California. The Company's product categories include complete notebook and desktop systems, peripherals and accessories and components. It also offers full custom configuration services, building or upgrading computer systems to customer specifications. The Company's wholly owned subsidiaries include SED International de Colombia S.A.S. and SED International, Inc.