According to the Bangkok Post , shares of JKN Global Group Plc (JKN) - the company of transgender billionaire Anne Jakrakutatip - plummeted on August 31, after the Miss Universe owner failed to pay a bond worth 609 million baht, the first of seven installments with a total debt of up to 3.36 billion baht.
CEO Jakkaphong “Anne” Jakrajutatip told the Stock Exchange of Thailand that the company will pay 156.6 million baht, including 146.62 million in principal and 9.98 million in interest, on September 1. The payment represents 26% of total debt, leaving 443.4 million baht for the JKN239A bond issue.
News of the media and content distribution company’s liquidity problems sent JKN shares tumbling. The trading session ended at 1.70 baht, down 28.6% from the previous day.
Miss Universe owner and Top 3 Miss Universe 2022.
JKN plans to meet bondholders on September 29 to ask for their approval to delay debt repayment, Ms. Jakkaphong said.
“If they agree, the overdue payment will not be considered a default as per the contract, the bondholders will not demand immediate repayment. The company is confident in its ability to maintain the principal repayment plan, with various funding sources being considered,” Ms Anne told the Bangkok Post.
However, she said negotiations with various partners have so far failed to yield the results the company expected.
The JKN case is the third this year of bankruptcy or potential bankruptcy, following troubles at All Inspire Development (ALL) and Stark Corporation - the latter of which became a criminal case. If negotiations fail, the Miss Universe owner's company will have to declare bankruptcy.
In 2022, JKN reached an agreement to acquire the Miss Universe pageant business (co-owned by former US President Donald Trump from 1996-2002) for approximately $20 million. The first Miss Universe pageant under JKN's management is scheduled to take place in El Salvador on November 18.
After taking office, Ms. Anne increased the copyright price, causing many long-time copyright holders in other countries to decide to give up. In Vietnam, the Miss Universe copyright held by Unimedia since 2008 had to be transferred to another party, after more than 15 years of holding, to send representatives to compete in Miss Universe.
(Source: tienphong.vn)
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