Miss Universe owner JKN Global Group files for bankruptcy in Thailand
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The JKN Global Group says the bankruptcy filing is meant to solve a “liquidity problem.”
In news that may come as a shock to pageant fans around the world, JKN Global Group, the Thai company that bought the rights for the Miss Universe pageant, has filed for bankruptcy in a Thailand court.
Agence France-Presse reports JKN Global Group announced to the Thai Stock Exchange that it has filed for bankruptcy to resolve a “liquidity problem” after it missed a deadline to repay bonds worth around $12 million or PhP669,528,000 (based on current exchange rates).
According to JKN's statement, the company's board of directors will be submitting a business rehabilitation plan to Thailand's bankruptcy court, with operations continuing under that rehabilitation plan.
"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.
JKN Global Group, owned by Anne Jakapong Jakrajutatip, bought the rights to the Miss Universe pageant back in 2022 for $20 million or PhP1,115,880,000 based on current exchange rates.
Meanwhile, the Miss Universe coronation night pushes through even as the JKN Global Group deals with their “liquidity problem” at Thailand's bankruptcy court. The pageant's coronation night is set to happen on November 18 (El Salvador time) at the José Adolfo Pineda Arena in San Salvador, El Salvador.
Current reigning Miss Universe R'Bonney Gabriel is set to crown her successor at the pageant.
Meanwhile, representing the country at the pageant is Michelle Dee, who left for El Salvador last month with supporters sending her off in the Philippines and welcoming her as well at a layover in the United States.
Michelle has previously shared that she is ready to give “200 percent” to bring home the country's fifth Miss Universe crown.
In an interview during her contract renewal with the Autism Society Philippines, Michelle shared that she is giving everything that she has when it comes to pageant preparation.
“I'm giving it everything that I have, 200 percent of myself I am dedicating to my crown. Nililigawan ko talaga yung pang-limang korona,” she shared. “I'm really training everyday when my schedule permits. I've been working on different aspects of my campaign just to make sure that when I fly to El Salvador, 100 percent ready.”
