JKN Global Group CEO, Anne Jakapong Jakrajutatip.
PHOTO BY ARCHIVE
The Thai owner of Miss Universe has filed for bankruptcy a year after buying the world-famous pageant for $20 million.
JKN Global Group’s CEO, Anne Jakapong Jakrajutatip, said the company is seeking to resolve a “liquidity problem” and wants to restructure.
“The company can continue its operation while being under the rehabilitation plan,” according to JKN. The Thai Bankruptcy Court has set the hearing date for the petition for a business rehabilitation on January 29.
The company missed a repayment deadline of $12 million on September 1. In the last year, JKN’s share price has fallen by more than 80 percent.
The Miss Universe Organization was co-owned by Donald Trump from 1996 to 2015, before it was sold to US talent agency WME-IMG.
Under the ownership of Thailand’s JKN, the pageant has allowed mothers and married women to participate in the contest. It will also feature at least two transwomen for the first time. ICA/Expat Media
Indian found dead in Sharjah desert repatriated to country
Power of building bridges: UAE President Sheikh Mohamed gets love from Indian crowds
CEO Speaks: Why invest in Dubai?
Meet Shah Rukh Khan’s lookalike in Dubai
World’s rarest supercars to be auctioned in Dubai
Amended UAE law on bank loans requires ‘sufficient’ security from lenders
Rare solar eclipse in April: Will it be visible in UAE?
Missing Sharjah teen found at Dubai Airport Terminal 1
Police rescue 8 Europeans stranded in Ras Al Khaimah mountains
UAE vs 84 accused terrorists: Defendant confesses horrific plan
Manny Pacquiao denied bid to compete in Paris Olympics
Pinoy Mart launches online store for Filipinos in UAE