No more Miss Universe? Pageant owner files for bankruptcy

• Miss Universe files for bankruptcy days before the competition.
• JKN Global Group is in financial trouble.
• Will this be the end of the pageant?

JKN Global Group, the media distribution company that owns the Miss Universe brand, announced it is filing for bankruptcy.

According to initial reports, the company says it is having «liquidity problems.»

The official statement was presented to the Thai Stock Exchange, according to Expansión.

This comes two months after the company missed a deadline to repay bonds worth approximately $12 million.

Is this the end of the iconic beauty pageant?

Businesswoman Anne Jakkaphong Jakrajutatip, an advocate for transgender rights, acquired the pageant in 2022 for $20 million.

This company was previously owned by former President of the United States, Donald Trump.

Despite the acquisition, JKN’s share price has seen a drop of almost 80% in the last 12 months.

On Thursday, November 9, it was reported that the property is currently standing at 0.77 baht.

JKN Global files for bankruptcy

JKN’s board of directors agreed to present a business rehabilitation plan to the bankruptcy court, according to Expansión.

The compnay hopes this will solve the liquidity problem and provide protection to the company’s shareholders.

The statement ensures that operations will continue as planned throughout the process.

«Submitting the rehabilitation request will effectively resolve the company’s liquidity problem,» the letter states.

Miss Universe is seeking protection for shareholders

They also stated that the plan will be carried out «through a legal mechanism and will provide fair protection.»

«With this measure, the organization will seek business rehabilitation without interference from creditors,» the statement detailed.

It also notes that it seeks to «restructure its business and finances to respond to its current financial situation and address the liquidity crisis.»

The news marks the end of an era for the iconic beauty pageant, which has been a benchmark in the world of fashion and beauty for decades.

Will the pageant go on?

The statement highlights JKN’s intention to seek a legal solution to protect shareholders.

It also explained the financial crisis that the company that owns Miss Universe is currently facing.

JKN’s issues are evident in the drastic drop in its share price in the last year, La Nación noted.

This reflects the pageant’s difficulty in maintaining profitability and economic solidity.

Business rehabilitation plan

Jakkaphong’s acquisition of Miss Universe failed to reverse the negative trend in the company’s financial performance.

The Miss Universe bankruptcy could mean the the pageant can’t continue in the future.

The announcement has generated concern and surprise in both the entertainment and fashion industries.

Miss Universe is recognized as one of the largest and most prestigious pageants in the world.

An uncertain future

«Miss Universe is completely clean and will continue to operate as planned,» the company said according to La Nación.

The 2023 contest will take place in El Salvador on November 18, and despite the difficulties they are optimistic.

«We look forward to the broadcast in the coming weeks,» they said, confirming the most anticipated beauty contest of the year.

Still, this raises questions about the future of the pageant.