Miss Universe owner files for bankruptcy in Thailand

BANGKOK: The Thai media company that owns the Miss Universe beauty pageant brand said on Thursday it has filed for bankruptcy while it tries to resolve a “liquidity problem”.

JKN Global Group made the announcement in a statement to the Thai Stock Exchange two months after it missed a deadline to repay bonds worth around $12 million. The company, owned by media mogul and transgender rights campaigner Anne Jakapong Jakrajutatip, bought the pageant -- previously owned by former US president Donald Trump -- in 2022 for $20 million.

JKN´s statement said its board of directors agreed on Tuesday to submit a business rehabilitation plan to the kingdom´s bankruptcy court. “Submitting the rehabilitation petition will effectively solve the Company´s liquidity problem under legal mechanism and provide fair protection to all stakeholders,” the statement said.

Operations will continue under the plan, it added. JKN´s share price has dropped by nearly 80 percent over the past 12 months, standing at 0.77 baht on Thursday.