The debt restructuring Beasley Media Group completed last month is reshaping its boardroom. Jeffrey Goldberg now fills a newly created seventh seat and the first named figure on a Strategic Alternatives Committee that has simultaneously formed.
Goldberg’s appointment fulfills a provision of the transaction support agreement backing Beasley’s debt exchange, under which noteholders secured the right to appoint an independent director to the board. That exchange retired $15.9 million in First Lien Notes and exchanged $184.1 million in Second Lien Notes at 50 cents on the dollar for new PIK Notes due 2027, cutting total outstanding debt from roughly $220 million to approximately $110 million.
The simultaneous formation of the Strategic Alternatives Committee is notable. Under the original transaction support agreement, supporting holders were not eligible to participate in forming such a committee until 270 days after closing. The A&R TSA appears to have accelerated that timeline.
A strategic alternatives committee typically oversees a formal review of options available to a company to maximize shareholder value — a process that can include asset sales, mergers, recapitalizations, or other structural changes. Its formation signals that Beasley’s noteholders are actively engaged in shaping the company’s next chapter.
Goldberg has served on more than a dozen boards since 2011, primarily in healthcare services and technology. He has served as chairman of LifeCare Holdings, 21st Century Oncology, Corizon Health, M*Modal, and Physiotherapy Associates, and has held executive roles including President of IncuMed, a medical technology incubator, SVP and General Counsel of Advanced Bionics, and CFO roles at both Advantia Health and an orthopaedic hospital.
