The Wall Street Journal reported that Toms Shoes, the company that donates a pair of shoes to a poor child for each pair it sells, is handing ownership to creditors in an out-of-court recapitalization.
According to the Journal, the Bain Capital-owed shoe company will pursue a restructuring that includes $300 million in debt and investing $35 million in the business.
The Journal added Toms has a $306.5 million senior secured term loan due in October 2020, of which $299 million is outstanding.
