Slip-on footwear company Toms Shoes LLC, backed by Bain Capital, is handing ownership to creditors in an out-of-court recapitalization that includes restructuring $300 million in debt and investing $35 million in the business.

In a letter sent Friday to Toms employees, Chief Executive Jim Alling said the company has signed a deal transferring ownership to investors led by Jefferies Financial Group Inc., Nexus Capital Management LP and Brookfield Asset Management Inc.

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