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Dean & DeLuca's Thai owner misses $88m debt repayment

Pace Development's share price down 81% from 2018-end as it faces more defaults

BANGKOK -- Thailand's Pace Development, owner of upscale grocery and cafe chain Dean & DeLuca, said Monday it had missed a 2.6 billion baht ($88 million) debt payment owed to the kingdom's second largest bank, Siam Commercial Bank.

The company failed to meet the debt payment date of Oct. 17 and now has until Nov. 4 to pay it. That debt equals to 13% of the company's total assets as of the end of June.

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