While attempting to solve a “liquidity problem,” the Thai advertising company that owns the Miss Universe charm show model announced on Thursday that it has declared bankruptcy.
Two months after missing the deadline to pay back bonds for about US$ 12 million, JKN Global Group announced the news in a speech to the Thai Stock Exchange.
The show, which was earlier owned by former US president Donald Trump, was purchased by the company in 2022 for US$ 20 million by Anne Jakapong Jakrajutatip, a media tycoon and transsexual rights activist.
According to a declaration from JKN, the company’s board of directors decided on Tuesday to present the bankruptcy court of the kingdom with an economic treatment plan.
The novel Thai owner of Miss Universe sees growth and change.
The novel Thai owner of Miss Universe sees growth and change.
According to the speech,” submitting the recovery petition will effectively resolve the Company’s liquidity problem under the legal mechanism and give good protection to all stakeholders.”
The business proposed to act as a manager for the operation and requested that interest rates on existing debt be increased and that its debt repayment period be extended.
Due to issues with the international and regional economies, JKN has delayed some of the payments for its bonds.
According to the speech, the treatment plan calls for the cancellation of curiosity charges and the extension of loan repayment in order for JKN to generate income from operations to pay off all creditors. Additionally, the business will seek out new traders or a financial institution for financial assistance.
The program will provide instructions on how to sell non-productive assets in order to raise money to pay debts. According to the court’s ruling, the company can carry on operating, which is a long-term fix for JKN to its present liquidity issue, it said.
According to a processing, JKN had complete liabilities of about 7.4 billion baht ( US$ 209 million ), nearly half of which were owed to bond buyers. The stock fell by the daily cap of 30 % to a record low of 0.76 baht ( US$ 0.02 ), extending this year’s decline to 81 %.
