Will Miss Universe 2023 be canceled because the management company is facing bankruptcy?

In recent days, the news that JKN Global Group - the company that holds the copyright of Miss Universe Jakkaphong Anne Jakajutalip - is facing the risk of bankruptcy when it cannot pay its bonds and its stock price plummets has caused a stir in public opinion.

Immediately after that, many international beauty forums reported that Miss Universe 2023 was at risk of being canceled or postponed to next year.

Ms. Jakkaphong Anne Jakajutalip denied the information that Miss Universe 2023 was canceled or postponed.

In the latest development, Ms. Anne spoke up to confirm: "It's all just rumors. Please do not accept false statements with bad intentions. Thank you for your love and support," Ms. Anne wrote.

In addition, Ms. Anne also posted an official announcement from the Miss Universe organizing committee that this year's competition will still take place as planned.

"JKN Company confirms that the 72nd Miss Universe pageant will still be held on November 18 in El Salvador. We take creating an invaluable experience for beauty fans very seriously and aspire to be an organization that empowers women around the world .

Once again, we confirm that JKN Global Group still holds the right to organize the contest as previously announced," the announcement stated.

Previously, Bangkok Post reported that on August 31, JKN Global Group announced that it could not pay a 609 million baht bond (more than 418 billion VND, calculated at the exchange rate on August 31).

News of the company's liquidity problems sent JKN shares tumbling. At the end of trading on August 31, the company's shares fell 28.6% to 1.7 baht per share.

This is the first of seven debt repayments worth 3.36 billion baht (over 2,310 billion VND) of the group. The group said it will seek to negotiate new repayment terms.

According to Khaosod, on September 7, Ms. Ann and her sister Pimuma Jakrajutatip (also the director of JKN), had to sell nearly 100 million shares worth more than 128.6 million baht (more than 87 billion VND).

Ann Jakkaphong explained that the sale of JKN shares was due to forced selling due to the stock price falling more than 50% in 2 days.

However, there were also additional transfers of JKN shares with a total of 77 million shares, so she currently holds a total of 392,287,682 shares, accounting for 38% of total shares and is still the largest shareholder.

"I confirm that I am still managing JKN and still hold more than 38% of JNK's shares. Regarding the issue of capital bonds, JKN has a solution and will convene a meeting of bondholders on September 27 to seek their approval.

We always focus on the investment and benefits of both bondholders and shareholders," Ann Jakkaphong said.

The reigning 71st Miss Universe - R'Bonney Gabriel will crown her successor later this year.

JNK Global Group is a Thai multinational conglomerate, founded by Ms. Jakkaphong Anne Jakajutalip.

The group operates in many fields: beverage production, cosmetics, medical products, home shopping, energy drinks, entertainment, events, movies, media...

According to Thai Rath, JKN Global Group spent 14 million USD to own Miss Universe from October 2022. From here, Anne began to commercialize the contest and make new reforms.

The 72nd Miss Universe is the first season to be held under the management and operation of JNK Global Group.

Source: https://www.baogiaothong.vn/miss-universe-2023-co-bi-huy-bo-vi-cong-ty-chu-quan-doi-mat-nguy-co-vo-no-192230908103603207.htm