Miss Universe: Is the owner asking for help due to insolvency?

The world’s most famous beauty pageant, Miss Universe, is just around the corner, but this Thursday it was announced that the company that owns it is having liquidity problems.

International media reported that the Thai company JKN Global Group, owner of Miss Universe, announced this Thursday that it requested entry into the debt restructuring process due to liquidity problems.

JKN Global Group, led by trans entrepreneur and activist Jakapong “Anne.” Jakrajutatip, indicated in a statement that on Wednesday it asked the Central Bankruptcy Court of Thailand to enter into the process of restructuring its operations and debt.

It is obvious the company requests that it can postpone the deadline for the payment of debtsreduce their interest rates and be able to sell assets to meet some payments and continue operating.

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

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It was former US President Donald Trump co-owner of rights competition from 1996 until its acquisition by IMG in 2015.

Miss Universe has been held every year since 1952, broadcast in more than 160 countries, and the next edition will be held in El Salvador on November 18.

JKN Global announced last May that it had received revenue of $26.23 million and a profit of about $2 million in the first quarter of 2023.

However, liquidity problems in the last few months caused its shares to fall on the stock exchange, including nearly 30% this Thursday.

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

With data from EFE and “Forbes México”