The Thai company that owns the Miss Universe pageant brand announced on Thursday, November 9, that it has filed for bankruptcy in an attempt to solve the "liquidity problem."
JKN Global Group reported this announcement to the Stock Exchange of Thailand (SET) two months after the deadline for repaying bonds worth about $12 million was missed.
The company, owned by Anne Takratutati (also known as จักรพงษ์ จักราจุฑาธิบดิ์), a Thai transgender businesswoman, bought the pageant previously owned by former US President Donald Trump, in 2022 for $20 million.
JKN Global Group, the owner of the Miss Universe Organization, filed for business rehabilitation with the Central Bankruptcy Court.
The company's board of directors approved the resolution on November 7, and the petition was filed on November 8.
The group missed a payment of… pic.twitter.com/amPdgON6Kv
— Thai Enquirer (@ThaiEnquirer) November 9, 2023
The GKN International Group statement said that the Board of Directors agreed on Tuesday to submit a plan to rehabilitate the business to the bankruptcy court in the Kingdom.
The statement added: “Submitting the rehabilitation application will effectively solve the company’s liquidity problem under the legal mechanism and provide fair protection for all stakeholders.”
JKN Global Group Plc (JKN), which acquired the Miss Universe Organisation (MUO) last year, filed for bankruptcy on Wednesday due to a liquidity crunch. https://t.co/jDKSqcj6b5
— The Nation Thailand (@Thenationth) November 9, 2023
The statement indicated that operations will continue under the plan.
GKN Global's share price has fallen nearly 80% over the past 12 months, reaching 0.77 Thai baht (0.022 US dollars) on Thursday.
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