Panache Beverage Inc. announced that on May 6, 2014, the company was issued a notice of default under the terms of its loan agreements with Consilium Corporate Recovert Master Fund LTD. The company is continuing its ongoing cooperation with Consilium and entered into a forbearance agreement with Consilium whereby Consilium has agreed to not exercise any of its rights under the loan agreement for a period ending June 6, 2014. Additionally, Consilium has released additional funds to Panache that were previously held in escrow.