The owner of Miss Universe, JKN Global Group, has affirmed that the upcoming pageant will proceed despite the company filing for bankruptcy in Thailand.
The media distribution company, which acquired the Miss Universe Organization for $20 million in 2022, disclosed its submission for “business rehabilitation,” which was accepted by the bankruptcy court.
JKN emphasized its commitment to delivering a high-quality experience for Miss Universe fans during the upcoming finale, expressing confidence in new financial arrangements supporting all business operations.
Led by Anne Jakkaphong Jakrajutatip, a transgender rights advocate and reality show star, JKN had outlined plans to expand the Miss Universe Organization in Asia and release branded merchandise.
While bankruptcy filings don’t necessarily indicate imminent closure, JKN faced a liquidity problem and missed a $12 million loan repayment deadline.
The company aims to restructure its debt and extend the repayment period.
Jakkaphong, a trans woman, assumed control of Miss Universe amid calls for greater diversity.
The 2023 pageant will feature two trans women for the first time: Marina Machete, Miss Portugal, and Rikkie Kollé, Miss Netherlands.
The Miss Universe Organization underscored its commitment to celebrating women, including trans women.
If either candidate wins, they will be the first trans woman to wear the tiara.
The 2018 pageant saw Spain’s Ángela Ponce as the first trans contestant.
Miss Universe, established in 1952, evaluates contestants through personal statements, interviews, and competitions.
The upcoming final in El Salvador will feature nearly 90 contestants from around the world.
Source-CNN
