JKN Global Group, the owner of the Miss Universe pageant, filed for bankruptcy just days before the 72nd Miss Universe pageant where transgender contestants are set to compete. The Thai media company revealed the filing with a Thai bankruptcy court in a statement to the Thai Stock Exchange on Nov. 9, citing an ongoing “liquidity problem.” According to the filings, the media firm will seek to restructure its debt and resolve liquidity, adjust interest rates on existing debt, and extend the debt repayment period. The Thai Bankruptcy Court has set the hearing date for the petition for Jan. 29, 2024.
JKN Global Group, led by Anne Jakapong Jakrajutatip, purchased Miss Universe for $20 million in 2022, taking over from IMG Worldwide LLC, which had held the Miss Universe Organization since 2015. Under Ms. Jakrajutatip’s leadership, the competition underwent changes such as allowing married women and mothers to compete. This year’s pageant is also set to feature at least two transgender competitors for the first time ever.
However, the company has faced challenges and scandals, including allegations of pageant rigging and sexual harassment. These issues have led to financial woes for JKN Global Group and a plummet in their share price.
Despite the bankruptcy filing, JKN Global Group has stated that the upcoming Miss Universe pageant will proceed as planned. They have announced a strategic corporate financial management plan to cope with the current financial situation and have assured that the legacy of Miss Universe will be carried on by the company as envisioned from the beginning.