Thai owner of Miss Universe goes bankrupt
Ms Jakrajutatip has been outspoken about her experiences as a transgender woman
The Thai owner of the Miss Universe pageant, which was once part of former US president Donald Trump's business empire, has filed for bankruptcy a year after buying it for $20m (£16.4m). JKN Global Group has said it would try to resolve a "liquidity problem".
Its chief executive, Anne Jakapong Jakrajutatip, is a transgender woman who bought the firm as the pageant became more inclusive. But the firm has loaded up on debt which it is seeking to restructure. "The company can continue its operation while being under the rehabilitation plan," JKN said. Funding for the deal was raised through bonds but the firm missed a repayment deadline of around $12m which was due on 1 September. In the past year, JKN's share price has fallen by more than 80%.
The Thai Bankruptcy Court has set the hearing date for the petition for business rehabilitation on 29 January 2024, according to the firm. Under the ownership of JKN, the pageant has allowed mothers and married women to participate in the contest from this year. The revised format will also feature at least two trans women for the first time after Marina Machete became the first transgender woman to win Miss Portugal and Rikkie Valerie Kolle was crowned Miss Netherlands in July. The annual Miss Universe pageant, with a history spanning seven decades, is broadcast in more than 165 countries. The Miss Universe Organization was co-owned by Mr Trump from 1996 to 2015.
Miss Universe owner files for bankruptcy days before pageant
Jakapong Anne Jakrajutatip (third from left), CEO of Miss Universe's owner JKN Global Group, is pictured on stage during a pageant event in Bangkok, Thailand, in November 2022
The owner of Miss Universe, JKN Global Group, has confirmed that next week’s pageant will go ahead, despite the Thai firm filing for bankruptcy. The media distribution company, which bought the Miss Universe Organization for $20 million in 2022, announced on Thursday that it had submitted a petition for “business rehabilitation” that was accepted by Thailand’s bankruptcy court.
In a statement published on its website, JKN said providing a “top notch experience” to Miss Universe fans “will remain a top priority” ahead of next Saturday’s finale. The firm expressed confidence that its new financial arrangements will “support all of the company’s business operations, including Miss Universe.” Run by Anne Jakkaphong Jakrajutatip, a transgender rights advocate and the star of Thai versions of reality shows such as “Project Runway,” JKN said last year that it planned to grow the Miss Universe Organization by expanding in Asia and releasing branded merchandise.
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. JKN, which had raised money through bonds to buy Miss Universe, missed a loan repayment deadline of around $12 million that was due September 1. In its filing, the company said it planned to restructure its debt and extend the repayment period to overcome what it called a “liquidity problem.” In a press conference at the time, Jakkaphong said market conditions, including high inflation, made it difficult for the firm to roll over its debt. Jakkaphong, who has been outspoken about her experiences as a trans woman, took over Miss Universe — one of the world’s most-watched beauty pageants — as it reckoned with growing calls for greater diversity and inclusivity.
Bankruptcy for owner Miss Universe: Danger for the global pageant?
Celebration of the new Miss Universe in the weekend of November 18, 2023
Sheynnis Palacios, Miss Nicaragua, became the new Miss Universe after the American beauty queen R'Bonney Gabriel wore the crown in the year following the 2022 pageant. The new Miss Universe, 23-year-old Palacios, was the first Nicaraguan woman to ever win the title.
Days before Miss Universe began, the Thai company that owns this beauty pageant, JKN Global Group, had declared bankruptcy. The news threw a shadow over the event. The multinational media distribution conglomerate that purchased the Miss Universe organization for $20 million in 2022, announced that it had filed a "corporate rehabilitation" petition. The appeal had been accepted by Thailand's bankruptcy court. Despite this difficult financial situation, JKN Global Group continued to carry out the 2023 contest in El Salvador. In a statement published on its website, JKN stated that it would continue to be its top priority to offer a "first-class experience" to Miss Universe fans.
JKN Global Group says it is also confident that its new financial arrangements will support all of the company's business operations, including the organization of Miss Universe. Declaring bankruptcy does not necessarily mean that a company is already completely underwater. Instead, declaring bankruptcy is a tool many large companies use as a way to get rid of debts and costs that they cannot absorb. JKN Global Group had raised money through bonds to buy Miss Universe. Then, in September 2023, it missed the deadline to repay a loan of about $12 million. In its statement, the company said it planned to restructure its debt and extend the repayment period to overcome what it called a "liquidity problem," CNN reported.
Owners of Miss Universe file for bankruptcy following diversity drive that allowed trans women to compete
The Thai owner of the Miss Universe pageant has filed for bankruptcy a year after buying the pageant and pushing to make it more inclusive.
Anne Jakapong Jakrajutatip is the chief executive of JKN Global Group, the owners of the Miss Universe brand.
The paegent has been moving towards inclusivity, as it also opened the contest to mothers and married women.
The Central Bankruptcy Court’s Order to accept the Petition for Business Rehabilitationof JKN Global Group Public Company Limited
The Company will keep you informed if there is any progress related to the rehabilitation of the
Company.
According to the filing of petition for business rehabilitation proceeding of JKN Global Group Public
Company Limited (the “Company”) with the Thai Bankruptcy Court under the Bankruptcy Act, B.E. 2483 (1940) (as amended) on November 8, 2023, the Company would like to inform that, on 9 November 2023, the Thai Bankruptcy Court issued an order to accept the petition for business rehabilitation of the Company.
Company Limited (the “Company”) with the Thai Bankruptcy Court under the Bankruptcy Act, B.E. 2483 (1940) (as amended) on November 8, 2023, the Company would like to inform that, on 9 November 2023, the Thai Bankruptcy Court issued an order to accept the petition for business rehabilitation of the Company.
In this regard, the Thai Bankruptcy Court has set the hearing date for the petition for business rehabilitation on 29 January 2024.
The Company will keep you informed if there is any progress related to the rehabilitation of the
Company.
Miss Universe 2023
In what’s beginning to feel like a foregone conclusion at this point, the winner of the 2023 Miss Universe competition (for the 72nd year in a row!) hailed from a little-known place called — wait for it — Earth. As Alyssa Edwards would say, “rigga morris!” Broadcast live on Telemundo and the Roku Channel, Saturday’s ceremony welcomed 84 contestants, including the first-ever entry from Pakistan, to San Salvador’s José Adolfo Pineda Arena, where reigning Miss Universe R’Bonney Gabriel was waiting to crown her successor.
Following the swimsuit portion of the competition, a top 10 was revealed: Moraya Wilson (Australia), Camila Avella (Colombia), Isabella García-Manzo (El Salvador), Sheynnis Palacios (Nicaragua), Camila Escribens (Peru), Michelle Dee (Philippines), Karla Guilfú (Puerto Rico), Athenea Pérez (Spain), Anntonia Porsild (Thailand) and Diana Silva (Venezuela).
After a round of randomized questions from this year’s selection committee, a last look and another final question, the long-awaited results were announced. Drumroll please…
- THIRD PLACE | Moraya Wilson (Australia)
- SECOND PLACE | Anntonia Porsild (Thailand)
- WINNER | Sheynnis Palacios (Nicaragua)
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