Miss Universe's Thai Owner Seeks Bankruptcy Protection

JKN Global Group, the Thai owner of the Miss Universe pageant, has filed for bankruptcy just a year after purchasing it for $20 million. The company cited a "liquidity problem" as the reason for their financial troubles. Anne Jakapong Jakrajutatip, the CEO of JKN and a transgender woman, bought the pageant as it aimed to become more inclusive. However, the company has accumulated significant debt that it now seeks to restructure. JKN stated that it can continue its operations under a rehabilitation plan. The funding for the acquisition was raised through bonds, but the firm failed to meet a repayment deadline of around $12 million. Over the past year, JKN's share price has plummeted by more than 80%. The Thai Bankruptcy Court has set a hearing date for the petition for business rehabilitation on January 29th. Under JKN's ownership, the Miss Universe pageant has introduced new rules allowing mothers, married women, and at least two transgender women to participate. This year's contest will include Marina Machete, the first transgender woman to win Miss Portugal, and Rikkie Valerie Kolle, who was crowned Miss Netherlands in July. The Miss Universe pageant, broadcast in over 165 countries, has been in existence for over seven decades. Former US President Donald Trump was co-owner of the organization from 1996 to 2015 before selling it due to controversies surrounding his comments on illegal immigrants and his treatment of former Miss Universe Alicia Machado, whom he allegedly referred to as "Miss Piggy." Following the sale, Trump expressed confidence in the company's future success under new ownership.