JKN Global Group

History

2023: Bankruptcy

On November 9, 2023, the Thai company JKN Global Group, the organizer of the Miss Universe contest, announced bankruptcy. This happened a few days before the final of one of the most prestigious beauty contests in the world.

The Miss Universe competition has been held since 1952. Participants are evaluated on the basis of personal statements, detailed interviews, as well as the results of competitions in evening dresses and swimsuits. From 1996 to 2015, the competition belonged to Donald Trump, who later became president of the United States. JKN Global Group acquired the competition in 2022 for $20 million.

Organizer of the Miss Universe contest announced bankruptcy

JKN Global Group reportedly filed a petition for "business rehabilitation," which was accepted by Thailand's bankruptcy court. Until September 1, 2023, the company was supposed to repay a loan in the amount of $12 million, but could not do it. Financial difficulties, as noted, arose due to the current macroeconomic situation and a high level of inflation. Moreover, market conditions make it difficult to prolong the company's debt.

Despite the bankruptcy, JKN Global Group intends to ensure the final of the Miss Universe contest. The company expresses confidence that its new financial mechanisms "will support all necessary business operations" within the framework of the competition. After passing the bankruptcy procedure, the company will have to restructure the debt.

Overall, the globally recognized Miss Universe pageant is undergoing a transformation in line with the observed trends and demands for inclusivity. In 2023, two transgender contestants will take part in the show for the first time - they will represent the Netherlands and Portugal. In addition, married women and women with children are allowed to participate in the competition for the first time in 66 years.^[1]

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