Thai Owner of Dean & DeLuca Defaults on $88 Million of Debt

Thailand’s Pace Development Corp., owner of gourmet grocer Dean & DeLuca, said it’s in default on 2.6 billion baht ($88 million) of debt owed to one of the nation’s top banks, Bloomberg News reported. Siam Commercial Bank Pcl has asked the firm to repay outstanding amounts by Nov. 4, Pace Development said in a stock exchange filing on Monday. The company said it will accelerate discussions with the lender to prepare financial restructuring and debt management plans so it can continue developing projects. The trend-setting Dean & DeLuca store in New York introduced Americans to international delicacies more than four decades ago, but lately has been battling to survive. Read more