Despite the Thai corporation declaring bankruptcy, Miss Universe's owner, JKN Global Group, assured the competition will occur next week as planned.
The media distribution company, which purchased the Miss Universe Organisation for $20 million (Ksh.3 billion) in 2022, revealed on Thursday that it had filed a petition for "business rehabilitation" with Thailand's bankruptcy court, which was accepted.
JKN stated on its website that offering a "top-notch experience" to Miss Universe fans "will remain a top priority" ahead of the finale next Saturday. The corporation believes its new financial arrangements would "support all of the company's business operations, including Miss Universe."
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JKN, which is run by Anne Jakkaphong Jakrajutatip, a transgender rights champion and the star of Thai versions of reality series such as "Project Runway," announced last year that it aimed to extend the Miss Universe Organisation in Asia and release branded items.
Declaring bankruptcy does not always imply that a company is going out of business. Many large corporations have used bankruptcy filings to eliminate debt and fees they cannot pay.
JKN, which secured funds for Miss Universe through bonds, missed a loan repayment deadline of roughly $12 million on September 1. The company's petition stated that it intended to restructure its debt and extend the payment time to overcome the liquidity problem.
Jakkaphong stated at the time in a news conference that market conditions, especially significant inflation, made it difficult for the company to roll over its debt.
Jakkaphong, who has been vocal about her transgender experiences, took over Miss Universe, one of the world's most watched beauty pageants, as it grappled with mounting requests for greater diversity and inclusivity.
For the first time, the pageant will include two trans women: Marina Machete, a 23-year-old flight attendant crowned Miss Portugal last month, and Rikkie Kollé, the first transgender winner of Miss Netherlands in July.
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