The Thai media company which owns the Miss Universe franchise has filed for bankruptcy in Thailand on Thursday over issues on liquidity problems.
JKN Global Group made the statement at the Thai Stock Exchange after failing to pay $12 million in bonds.
Thai business mogul Anne Jakapong Jakrajutatip bought the franchise for the prestigious pageant back in 2022 in search for a transformational woman.
“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.
JKN assured that operations will continue including the pageant.
In an AFP report, JKN’s share price has dropped by nearly 80 percent over the past 12 months, standing at 0.77 baht on Thursday.
