JKN Global Group, the Thai company that owns Miss Universe, has asked to enter into a debt restructuring process due to liquidity problems, declaring itself in crisis a few days before this year's pageant takes place.
The company, led by the popular Jakapong businesswoman and trans activist, Anne, Jakrajutatip, has formalized its entry into a process of restructuring its operations and debt in an attempt to delay the payment deadline of maturities, lower interest of these and to be able to sell assets to be able to settle some payments and continue operations.
JKN Global Group, owner of several digital channels and a production company, acquired Miss Universe in October 2022 for $20 million (€18.6 million) from IMG Worldwide LLC, based in New York.
Former United States President Donald Trump co-owned the rights to the pageant from 1996 until its acquisition by IMG in 2015.
Miss Universe has been held annually since 1952, broadcast in more than 160 countries, and the next edition will take place in El Salvador on November 18.
JKN Global announced last May that it had obtained revenues of 932 million bat (about 26.23 million dollars or 24.52 million euros) and a profit of 73.6 million bat (about 2 million dollars or 1, 94 million euros) in the first quarter of 2023.
However, liquidity problems in recent months have caused its shares to fall on the stock market, including almost 30% this Thursday. Anne Jakrajutatip was considered the third richest transgender woman in the world, according to Forbes magazine in 2020.
