Beasley Media Group has until Dec. 31, 2027, to pay down its debt. But even if it pays back nearly every dollar, debtholders could still walk away with 80% of the company. That’s the math embedded in a charter amendment filed June 4 and signed by CEO Caroline Beasley.
The amendment legally enshrines a conversion pathway into Beasley’s certificate of incorporation: holders of a majority in aggregate principal of the company’s senior secured notes may elect, at the end of 2027 or upon an event of default, to convert what they’re owed into equity representing 95% of the company on a fully diluted basis, leaving current shareholders with 5%.
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