A file picture showing contestants on stage during the Miss Universe 2021 contest in Eilat, Israel. EFE/EPA/FILE/ATEF SAFADI

Miss Universe owner seeks financial assistance due to liquidity issues

Bangkok, Nov 9 (EFE).- Thailand’s JKN Global Group that owns Miss Universe organization, announced Thursday that it has filed a petition for business rehabilitation at the Thai Bankruptcy Court.

The company, led by trans activist Jakapong Anne Jakrajutatip, said in a statement that it had decided in a board meeting to “file a petition for business rehabilitation and nominate a planner” under the Bankruptcy Act.

The company has requested to be allowed to delay the deadline for debt payments, lower their interest and sell assets to settle some payments and continue operations.

JKN Global Group, owner of several digital channels and a production company, acquired Miss Universe in October 2022 for 20 million dollars from IMG Worldwide LLC, based in New York.

Former United States President Donald Trump co-owned the rights to the pageant from 1996 until its acquisition by IMG in 2015.

Miss Universe, held annually since 1952, is broadcast in more than 160 countries. The finals of the next edition is set to take place in El Salvador on Nov. 18.

JKN Global announced in May that it had obtained revenues of 932 million baht ($26.2 million) and a profit of 73.6 million baht in the first quarter of 2023.

However, liquidity problems in recent months have caused its shares to fall on the stock market, including almost 30 percent on Thursday.

According to Forbes magazine, Anne Jakrajutatip was considered the third richest transgender woman in the world, in 2020. EFE