The Thai media business that owns the Miss Universe beauty pageant brand filed for bankruptcy on Thursday, citing a liquidity problem.
JKN Global Group made the declaration in a statement to the Thai Stock Exchange two months after failing to meet a bond repayment deadline of roughly $12 million.
The company, founded by media entrepreneur and transgender rights activist Anne Jakapong Jakrajutatip, paid $20 million for the pageant, which was previously owned by former US president Donald Trump.
According to the statement, JKN’s board of directors agreed on Tuesday to file a business rehabilitation plan with the kingdom’s bankruptcy court.
“Submitting the rehabilitation petition will effectively solve the Company’s liquidity problem under the legal mechanism and provide fair protection to all stakeholders”, the statement reads.
“Operations will continue under the plan”, the statement added.
JKN’s share price has plunged about 80 percent in the last 12 months, with the stock trading at 0.77 baht on Thursday.
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