Miss Universe owner says firm will undergo 'business rehab' amid bankruptcy reports

Metro Manila (CNN Philippines, November 10) — The Thai media company that owns the Miss Universe pageant on Thursday clarified that it will only rehabilitate its business following reports that it filed for bankruptcy in Thailand.

The JKN Global Group explained that it is a "necessary step" to repay its debt and to remain financially stable.

“JKN Global Group has announced a plan to refinance our debt and rehabilitate our business,” the firm said in a statement shared on Miss Universe’ Facebook Story.

“While our operating cash is intact and the company will 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,” it added.

Several media reports earlier said JKN has filed for bankruptcy to seek protection from creditors after failing to repay on time bonds worth around $12 million.

The Thai company, owned by business mogul and transgender rights advocate Anne Jakapong Jakrajutatip, acquired the Miss Universe Organization (MUO) in October last year from IMG Worldwide for $20 million (roughly ₱1.17 billion).

In a Facebook post, Jakrajutatip explained that "bankruptcy simply means your business is gone, but BUSINESS REHABILITATION program means JKN aims to preserve the continuity and integrity of the businesses."

The firm added the MUO is “completely clean and will continue to operate as planned.”

The Miss Universe 2023 pageant is currently taking place in El Salvador.