Liquidity woes cause Miss Universe owner to declare bankruptcy days before pageant
MANILA, Philippines — A year after the JKN Global Group acquired ownership of the Miss Universe Organization for US $20 million, it has struggled financially.
In a social media post, owner and Chief Executive Officer Anne Jakapong Jakrajutatip wrote, "JKN Global Group has announced a plan to refinance our debt and rehabilitate our business. While our operating cash is intact and the company would continue to run operations as planned, this is a necessary step in our growth to ensure that our debt is repaid and the company remains financially healthy. Miss Universe Organization, which is only one part of our many business lines, is completely clean and will continue to operate as planned.
"We look forward to three fantastic broadcasts this week!"
The three broadcasts referred to in the post are the forthcoming Miss Universe preliminaries on November 15, the national costume show on November 16, and the coronation night on November 18 (all US time).
Khun Anne, in the same post, commented that, "No matter what... I always put the Miss Universe Organization as my first priority..."
Earlier this year, the Miss Universe Organization launched the Miss Universe beverage. And the Miss Universe apparel and skin care lines followed suit. Supporters are optimistic that pipeline projects like the Miss Universe jet and hotel will push through as planned.
In another IG post, Khun Anne wrote, "JKN Global Group entered Thailand's business rehabilitation program, a distinct alternative to filing for bankruptcy. These two words have the different meanings. Hence, please understand each definition correctly."
Here's hoping the MUO comes out from its liquidity problems intact and bounce back into its former stable financial status to fully enjoy the fruits of its many endeavors.
