Miss Universe owner files for bankruptcy days before pageant | CNN

JKN Global Group, the owner of Miss Universe, filed for bankruptcy this month. The media distribution company, which bought the Miss Universe Organization for $20 million in 2022, declared that it had advanced a petition for “business rehabilitation” and was accepted by Thailand’s bankruptcy court. JKN raised money through bonds to buy Miss Universe and missed a loan repayment deadline for around $12 million due in September. The company expressed its plan to restructure its debt and extend the repayment period to overcome a “liquidity problem.” Run by Anne Jakkaphong Jakrajutatip, a transgender rights advocate, voiced last year that it prepared to extend the Miss Universe Organization by expanding in Asia and releasing branded merchandise. However, in a press conference, Jakkaphong noted market conditions, including high inflation, made it difficult for the firm to roll over its debt. Nevertheless, despite the Thai firm filing for bankruptcy, JKN Global Group has confirmed that next week’s pageant will go ahead. The final is hosted in El Salvador and nearly 90 women from around the world will compete for the crown.

Declaring bankruptcy does not necessarily mean a company is about to go out of business. Many major firms have used bankruptcy filings as a tool to shed debt and costs they can no longer afford.

Source: Miss Universe owner files for bankruptcy days before pageant

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