Publications
Partners
- The Thai media company that owns the Miss Universe beauty pageant brand said it has filed for bankruptcy.
- This comes while the company tries to resolve a "liquidity problem".
- Miss Universe 2023 is set to take place on 18 November in El Salvador.
The Thai media company that owns the Miss Universe beauty pageant brand said on Thursday it has filed for bankruptcy while it tries to resolve a "liquidity problem".
JKN Global Group made the announcement in a statement to the Thai Stock Exchange two months after it missed a deadline to repay bonds worth around $12 million.
The company, owned by media mogul and transgender rights campaigner Anne Jakkaphong Jakrajutatip, bought the pageant - previously owned by former US president Donald Trump - in 2022 for $20 million.
Jakrajutatip became the first woman to own the beauty pageant organisation outright.
For Jakrajutatip, the acquisition was an opportunity to "evolve the brand," and she hoped it would boost Thailand's image abroad.
"We seek not only to continue its legacy of providing a platform to passionate individuals from diverse backgrounds, cultures, and traditions but also to evolve the brand for the next generation," she said in a statement.
JKN's statement said its board of directors agreed on Tuesday to submit a business rehabilitation plan to the kingdom's bankruptcy court.
"Submitting the rehabilitation petition will effectively solve the company's liquidity problem under legal mechanism and provide fair protection to all stakeholders," the statement said.
READ | Transgender Thai media mogul first woman to own Miss Universe pageant
Operations will continue under the plan, it added.
JKN's share price has dropped by nearly 80% over the past 12 months, standing at 0.77 baht on Thursday.
ALSO MORE | 'I'm just so excited': Miss SA runner-up Bryoni Govender talks 'journey' to Miss Universe 'dream'
Miss Universe 2023 is set to take place on 18 November in El Salvador. Bryoni Govender is representing South Africa at the pageant.
Govender has been sharing pictures of her time in El Salvador ahead of the event.
The 72nd Miss Universe is to be hosted by Olivia Culpo, Jeannie Mai and Maria Menounos. This is the second time in the history of the Miss Universe Organisation that the show will feature an all-women hosting team.
