On Thursday, the Thai media company, JKN Global Group, declared bankruptcy while addressing a pressing “liquidity problem” that the company is currently facing. This announcement was made in a statement to the Thai Stock Exchange, following the company’s failure to repay bonds totaling approximately $12 million, two months after the stipulated deadline.
JKN Global Group, led by media tycoon and advocate for transgender rights, Anne Jakapong Jakrajutatip, acquired the Miss Universe beauty pageant brand in 2022 from former US President Donald Trump for $20 million.
In a statement issued by JKN, the company’s board of directors reached an agreement on Tuesday to present a business rehabilitation plan to Thailand’s bankruptcy court. The statement emphasized that the submission of this rehabilitation petition aims to resolve the company’s liquidity issue within a legal framework and ensure equitable protection for all stakeholders.
The company assured that its operations will continue under this plan, seeking to stabilize and restructure its financial situation. The challenging financial circumstances have significantly impacted JKN Global Group, with its share price plummeting nearly 80% over the past year, closing at 0.77 baht on Thursday.
