BANGKOK: The Thai media company that owns the Miss Universe beauty pageant brand said on Thursday that it has filed for bankruptcy while it struggles to resolve a “liquidity problem”.
JKN Global Group made the announcement in a statement sent to the Thai Stock Exchange two months after it missed a deadline to repay bonds worth around 12 million dollars.
The company, owned by transgender rights campaigner and media mogul Anne Jakapong Jakrajutatip, bought the pageant — previously owned ex-US president Donald Trump — in 2022 for 20 million dollars.
JKN said in the statement that its board of directors agreed on Tuesday to submit a business rehabilitation plan to the bankruptcy court of Thailand.
The statement said that submitting the rehabilitation petition will effectively solve the liquidity problem of the company under legal mechanism and provide fair protection to all stakeholders.
Miss Universe Owner’s operations
It added that operations will continue under the plan.
JKN’s share price has dropped by nearly 80% over the past 12 months, standing at 0.77 baht on Thursday.
