New Thai owner of Miss Universe files for bankruptcy
JKN Global Group Plc (JKN), which acquired the Miss Universe Organisation (MUO) last year, filed for bankruptcy on Wednesday due to a liquidity crunch.
JKN informed the Stock Exchange of Thailand (SET) that its board of directors resolved on Tuesday to file for bankruptcy with the Central Bankruptcy Court to seek protection from creditors.
The SET was notified that JKN filed for bankruptcy on Wednesday and asked the court to allow JKN to undergo its business rehabilitation process without interference from creditors.
JKN asked the court for permission to take charge and implement the rehabilitation plan.
The pageant owner told the SET it would carry out the following five rehab measures:
- Restructure its business and finances to respond to its current financial situation and address the liquidity crunch.
- Seek lower interest rates on debt instalments so it has enough revenue to continue running the businesses.
- Seek funds from new investors and financial institutions.
- Sell off non-performing assets to earn money to repay creditors.
- Prepare a plan to ensure liquidity.
JKN filed for bankruptcy despite reporting higher assets than debts during the first six months of this year. Its June report to the SET recorded assets worth 12.161 billion against debt of 7.398 billion baht.
JKN announced in October that it had acquired the Miss Universe brand for 800 million baht. It pledged to increase the brand’s worth by at least 40%.
In January this year, JKN announced it had chosen El Salvado to host Miss Universe 2023.
