By  on January 31, 2012

NEW YORK — Bernard Chaus Inc. has cleared one hurdle to take the company private.

The company has struck a debt-restructuring deal with China Ting Group, whereby $12 million of trade payables is being converted into senior unsecured term notes with a final maturity of Sept. 1, 2016. China Ting has been the principal supplier of apparel to Chaus since July 2009. The term notes have an interest rate of 5.25 percent, payable currently, and have the principal amortization starting in April 2013 with a final balance of $5 million payable Sept. 1, 2016.

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