(AmericanProsperity.com) – According to a The Blaze November 12 report, the Thai company that owns the Miss Universe Organization filed for bankruptcy a couple of days before the beginning of its 2023 edition. The media firm JKN Group sent a “business rehabilitation” petition to a Thailand bankruptcy court on November 9, claiming that it was dealing with a “liquidity” issue. The court granted the petition.
As reported by CNN, while the company had to file for bankruptcy, JKN isn’t on the brink of a “financial collapse.” The network pointed out that numerous companies around the world tend to use bankruptcy filings as a way to shed costs and debts they can’t afford.
Following the news about its decision to file for bankruptcy, the media firm published a statement on its website where it confirmed the Miss Universe event will be celebrated on November 18 in El Salvador. JKN added that it executed a “corporate financial management” strategy to cope with its current “financial situation,” and noted that the plan will support every business operation, including the Miss Universe. The company added that the event is a “top-notch” experience for the fans and will remain its “top priority.”
JNK bought the Miss Universe Organization for $20 million in 2022. The company’s CEO, who is a 44-year-old trans woman named Anne Jakapong Jakrajutatip, promised to impose numerous changes to the organization so it could become more LGBTQ-friendly. At the time, Jakrajutatip published a statement explaining that the Miss Universe Organization needed to “Evolve” so it could become a “brand for the next generation.”
As reported by The Blaze, JKN has been dealing with economic problems since the acquisition, with the price of its shares falling 80 percent in a year. Different reports even revealed that the company missed a $12 million payment in September, which prompted an investigation from Thai authorities.
The 2023 Miss Universe event will feature two trans women. These will be Marina Machete from Portugal and Rikkie Valeria Kolle from the Netherlands.
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