BANGKOK — Siam Commercial Bank, one of the largest banks in Thailand and whose largest individual shareholder is King Maha Vajiralongkorn, said Monday it has secured a 26.49% stake in upscale grocer Dean & DeLuca by converting debt held in the U.S.-based company.
The stake acquisition results from a debt-to-equity option exercised for a $45.83 million loan extended to Dean & DeLuca. The chain filed for Chapter 11 bankruptcy protection in a U.S. court last March.
Thai property group Pace Development bought Dean & DeLuca in 2014 and placed the company under its Pace Food Retail subsidiary. But the parent’s real estate operations caused finances to sour, leading to a business failure last April. Pace is undergoing a restructuring, and was unable to meet debt obligations.
On Monday, Pace reported to the Stock Exchange of Thailand that Dean & DeLuca “has fully fulfilled conditions for…
