October 21, 2019 / 8:07 AM / a month ago

Dean & Deluca owner, Thailand's Pace defaults on debt of $86 mln

BANGKOK, Oct 21 (Reuters) - Thai property firm Pace Development Pcl, owner of the high-end grocer Dean & Deluca, said on Monday it was in default of 2.6 billion baht ($86 million) with one of the nation’s largest lenders as of Oct. 18, sending its shares down 25%.

The announcement comes weeks after Dean & Deluca closed its flagship store in New York and other locations in Bangkok.

Siam Commercial Bank Pcl (SCB) notified the firm, which bought the grocer franchise in 2014 for $140 million, to pay outstanding debt by Nov. 4, Chief Executive, Sorapoj Techakraisri, said in a statement to the Stock Exchange of Thailand.

Pace Development will negotiate with Siam Commercial Bank to prepare a debt management plan so that it would be able to carry out operations and maintain competitiveness, Sorapoj said.

SCB’s shares slid 3% against the broader index drop of 0.6%

The company’s construction projects have been suspended, but its food and beverage operations were not affected, he added.

In 2018, Pace sold here the Bangkok's tallest building, now named King Power MahaNakhon, for 14 billion baht to duty-free retailer and owner of the Premier League football club Leicester City, King Power . ($1 = 30.2600 baht) (Reporting by Chayut Setboonsarng; editing by David Evans)

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