Reuters first with news TOMS Shoes creditors to take over company

Reuters broke the news that TOMS Shoes LLC’s creditors have agreed to take over the maker of casual footwear in exchange for restructuring its debt. Credit ratings agencies had warned that TOMS, which is known for its charitable giving, would not have been able to repay a $300 million loan due in 2020 without renegotiating it with its creditors.