Miss Universe's owner files for bankruptcy days before the 72nd pageant
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In a statement, Thai media company JKN Global Group, which owns the prestigious Miss Universe beauty pageant, has cited a "liquidity problem" while officially declaring bankruptcy. The announcement however will not impact the upcoming 72nd Miss Universe event, which is set to take place in El Salvador on Saturday, November 18.
Media company JKN Global Group, owner of the prestigious Miss Universe beauty pageant, has officially filed for bankruptcy, citing a pressing "liquidity problem." The announcement was made in a statement to the Thai Stock Exchange on Thursday (Nov 9). However, no changes have been made to the upcoming 72nd Miss Universe pageant and despite the Thai firm filing for bankruptcy, the event will take place as per its schedule.
In a statement published on JKN's website, the firm reaffirmed that providing a “top-notch experience” to Miss Universe fans “will remain a top priority” ahead of next Saturday’s finale.
The firm also expressed confidence that its new financial arrangements will “support all of the company’s business operations, including Miss Universe.”
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JKN Global Group, helmed by media mogul and transgender rights advocate Anne Jakapong Jakrajutatip, acquired the Miss Universe brand in 2022 for a hefty sum of US$20 million, taking over from former US President Donald Trump.
The statement released by JKN revealed that the company's board of directors unanimously agreed on Tuesday to submit a business rehabilitation plan to the Thai bankruptcy court.
The move is seen as a strategic effort to address the current financial crisis within the legal framework and provide equitable protection to all stakeholders.
In the rehabilitation petition, JKN seeks to adjust interest rates on existing debt, extend the debt repayment period, and propose itself as the orchestrator of this process. The company, grappling with global and domestic economic challenges, has delayed payments for its bonds, leading to the decision to pursue business rehabilitation.
The comprehensive plan aims to secure extensions for debt repayment, waive interest charges, and generate income from operations to service all creditors.
JKN also plans to seek financial support from new investors or financial institutions to stabilise its financial standing.
Furthermore, the rehabilitation blueprint outlines guidelines for the sale of non-productive assets, intending to raise funds essential for paying creditors. Notably, under the court's proceedings, JKN can continue its operations, offering a sustainable solution to the current liquidity crisis.
According to financial filings, as of June 30, JKN reported total liabilities of approximately 7.4 billion baht (US$209 million), with nearly half owed to bond investors. In response to the news, the company's stock plummeted by the daily limit of 30 per cent to a record low of 0.76 baht (US$0.02), marking an 81 per cent decline for the year.
On November 18, nearly 90 women will compete for the Miss Universe crown at this year’s final in El Salvador. For the first time, the pageant will feature two trans women.
Marina Machete, a 23-year-old flight attendant who was crowned Miss Portugal last month, and Rikkie Kollé, who became the first transgender winner of Miss Netherlands in July, will participate and represent their countries on the Miss Universe stage.
(With inputs from agencies)
