MANILA, PHILIPPINES – Just a few days before the long-awaited Miss Universe pageant, rumors revolving around JKN Global’s bankruptcy begin to arise.
JKN Global announced its bankruptcy in a statement addressed to the Thai Stock Exchange after failing to repay bonds amounting to approximately 12 U.S. million dollars. The company announced that they are trying to resolve liquidity issues.
In a statement released by the company, “Submitting the rehabilitation petition will effectively solve the company’s liquidity problem under legal mechanism and provide fair protection to all stakeholders.”
However, despite filing for bankruptcy, JKN Global will continue operating. The company also announced its strategic corporate financial management plan on its website to keep up with the current economic problems.
JKN Global stated: “We are confident that the new plan will support all of the company’s business operations, including Miss Universe.” Further adding, “We reaffirm that the legacy of Miss Universe will be carried out by JKN Global Group as envisioned from the beginning.” The company further stated, “We look forward to welcoming our delegates and fans in El Salvador as well as through our broadcasting partners.”
The file for bankruptcy included a request to rearrange its debt and operations in its petition to the Thailand Central Bankruptcy Court. Moreover, they asked for an extension of its debt repayment time frame, minimizing interest rates on its ongoing obligations and selling current assets to settle its outstanding payments and proceed with operations.
JKN originally purchased Miss Universe in October 2022. The business reportedly began to collapse on September 1 when the 12 million U.S. dollar payment didn’t go through as part of a purchase agreement, where the group could not pay for the agreed-upon amount.
JKN Global Group’s bankruptcy hearing shall begin in the Thai Bankruptcy Court on January 29, 2024, which means that the 72 Miss Universe pageant shall still proceed as planned on the weekend.
This issue isn’t the first scandal the 72nd Miss Universe pageant has faced; a few days ago, Australian citizens asked their representative, Moraya Wilson, to give up her spot due to her family’s business deals and history.
Sources: (1), (2)