09/11/2023
Arab Times
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BANGKOK, Thailand, Nov 9, (Agencies): Media giant JKN Global Group, owner of the Miss Universe beauty pageant brand, announced its filing for bankruptcy on Thursday, citing a "liquidity problem" that has persisted for the past two months.
The Thai company, led by media mogul Anne Jakapong Jakrajutatip, failed to meet a $12 million bond repayment deadline. Acquiring the pageant from former US President Donald Trump in 2022 for $20 million, JKN aims to resolve its financial challenges through a business rehabilitation plan submitted to the bankruptcy court.
The plan seeks to address the liquidity issue under legal mechanisms while ensuring equitable protection for all stakeholders. Despite the bankruptcy filing, operations will persist under the proposed plan. Over the last year, JKN's share price has plummeted by nearly 80%, reaching 0.77 baht on Thursday.
