After being reported as being in debt some time ago, the owner of Miss Universe, JKN Global Group, filed for bankruptcy. However, they revealed that the Miss Universe 2023 final night would still go ahead as planned.
The media distribution company, which bought the Miss Universe Organization for US$20 million in 2022, announced on Thursday that it had filed a petition for “business rehabilitation” that was accepted by a bankruptcy court in Thailand.
In a statement published on its website, JKN said providing the “best experience” to Miss Universe fans “will remain a top priority,”
The final night of Miss Universe 2023 was held on Saturday (18/11) in El Salvador. This year’s final in El Salvador will feature nearly 90 women from around the world competing for the crown. In this event, Miss Universe Indonesia will also take part.
The company expressed confidence that its new financial arrangement will “support the company’s entire business operations, including Miss Universe.”
Run by Anne Jakkaphong Jakrajutatip, a transgender rights advocate and star of Thai versions of reality shows such as “Project Runway,” JKN said last year that it plans to grow the Miss Universe Organization by expanding in Asia and releasing branded merchandise.
However, declaring bankruptcy does not necessarily mean a company will go out of business. Many large companies have used bankruptcy filing as a tool to discharge debts and costs they can no longer afford.
Quoted from CNN, JKN, which had raised money through bonds to buy Miss Universe, missed the deadline for repayment of a loan of around US$12 million which was due on September 1.
In its filing, the company said it plans to restructure its debt and extend repayment terms to address this. called a “liquidity problem.”
Source: CNN Indonesia