Miss Universe Organization Declares Bankruptcy Shortly Prior to Pageant
Miss Universe owner, JKN Global Group, assures that the upcoming pageant will proceed as planned, despite the recent bankruptcy filing The glamorous event remains unaffected, ensuring a thrilling spectacle for fans worldwide
JKN Global Group, the owner of Miss Universe, has confirmed that the upcoming pageant will proceed as planned, despite the Thai firm declaring bankruptcy. Having acquired the Miss Universe Organization for $20 million in 2022, the media distribution company revealed on Thursday that it had filed a petition for "business rehabilitation," which was approved by Thailand's bankruptcy court.
JKN expressed its commitment to delivering an exceptional experience for Miss Universe fans in a recently published statement on its website. The company emphasized that this priority will be upheld leading up to the finale next Saturday. Additionally, JKN showed confidence in its new financial arrangements, stating that they will effectively support all aspects of the company's business operations, including Miss Universe. Anne Jakkaphong Jakrajutatip, a transgender rights advocate and prominent figure in Thai reality shows like "Project Runway," leads JKN. Last year, JKN announced its plans to expand the Miss Universe Organization in Asia and introduce branded merchandise.
Inside the exhibition "Reframing Beauty," the significance becomes apparent: declaring bankruptcy does not automatically indicate the impending closure of a company. Numerous prominent corporations have utilized bankruptcy filings as a strategic maneuver to rid themselves of burdensome debt and expenses that have become unmanageable.
JKN, the company that had secured funds from bonds to acquire Miss Universe, failed to meet a loan repayment deadline of approximately $12 million, which was scheduled for September 1. The company disclosed its intention to reorganize its debt and extend the repayment timeframe in order to resolve the identified "liquidity problem."
During a press conference held at that time, Jakkaphong acknowledged that challenging market conditions, including elevated inflation rates, posed obstacles for the company in refinancing its debt.
Jakkaphong, a vocal advocate for transgender rights, has assumed the reins of Miss Universe - one of the most widely viewed beauty pageants worldwide. This move comes as the pageant grapples with mounting demands for enhanced diversity and inclusivity. In a historic moment, this year's edition will showcase two trans women: Marina Machete, a 23-year-old flight attendant who recently won the title of Miss Portugal, and Rikkie Kollé, who made history in July as the first transgender recipient of Miss Netherlands.
"Trans women are unequivocally recognized as women," stated the Miss Universe Organization to CNN in response to Miss Portugal winning the crown. "Our mission is to honor and celebrate all women, without exception. Embracing this progressive stance has been our commitment for over ten years, and we take pride in our early adoption compared to other programs."
Contestant Rikkie Kolle is set to compete in the Miss Universe finale after became the first trans woman to win Miss Netherlands beauty pageant in July.
Evert Elzinga/ANP/AFP/Getty Images
If either candidate wins, they will become the first trans woman to wear the tiara.
In 2018, Spains Ãngela Ponce was the pageants first trans contestant, but did not advance to the finals.
Miss Universe, an annual event starting in 1952, evaluates participants on their personal statements, comprehensive interviews, and performances in evening gown and swimwear competitions. In this year's grand finale in El Salvador, close to 90 women from various countries will vie for the prestigious title.
JKN Global Group did not immediately respond to CNNs request for comment.
CNNs Kocha Olarn contributed to this report from Bangkok.
