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Article: CHAUS SAVES HER FIRM AGAIN, RAISES STAKE IN TRADE FOR DEBT.(Josephine Chaus, Bernard Chaus Inc.)(Brief Article)
- Article from:
- WWD
- Article date:
- June 30, 1997
CopyrightCOPYRIGHT 1997 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Josephine Chaus has stepped up once again to save her company, Bernard Chaus Inc., from a financial crisis.
The chairwoman and co-founder of Chaus has agreed to increase her equity stake in the women's sportswear and dress manufacturer to approximately 90 percent from 56 percent in return for funds the company owes her.
She also has agreed to provide BNY Financial Corp., the firm's bank, with personal guarantees to lend support to a restructuring of its bank line. The restructuring calls for $22.5 million in bank debt to be repaid and $15 million of the bank debt to be converted into a term loan maturing on Sept. 30, 2002.
Chaus declined to say whether ...
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