Shares of JKN Global Group Public Company Limited of Ann Chakkraphong, owner of the Miss Universe contest, fell sharply again, over 30%, on Thursday, November 8. After she or he sent a letter informing the Stock Exchange of Thailand (SET) that it has filed petition for business rehabilitation proceeding to the Thai Bankruptcy Court.
The letter was signed by Jakkaphong Jakrajutatip, Chief Executive Officer and Managing Director stating that “The JKN Board of Directors meeting No. 10 /2023 held on November 7, 2023 has resolved that the Company, as a debtor, shall file a petition for business rehabilitation and nominate a planner to the Central Bankruptcy Court under the Bankruptcy Act, B.E. 2483 (1940) (as amended).
On November 8, 2023, the petition for business rehabilitation has already been filed by the Company. In this regard, the Company would like to inform the substance of the business rehabilitation petition as follows:
1. The Company, as a debtor, submitted a petition for rehabilitation to the Central Bankruptcy Court.
2. The Company proposed JKN Global Group Public Company Limited as a planner .
3. Preliminary business rehabilitation plan guideline includes: (1) Business restructuring and financial restructuring to be in line with the current financial assumptions and economic conditions and solving working capital problems of the business to resolve the financial liquidity of the Company and restructure the internal organization.
(2) Extending the period for the repayment of debt and waiving interest rate in order that the Company can generate income from operation to repay all of its creditors and continue to operate its business. (3) Receiving financial support from new investors or financial institution as a source of funds to utilize as working capital of the Company.
(4) Providing guideline for the sale of worthless or non-productive asset in order to repay the creditors with the income from such sale. (5) Preparing the plan and strategy to manage liquidity of the Company, improving internal business organization and increasing business’s efficiency.
Submitting the rehabilitation petition will effectively solve the Company’s liquidity problem under legal mechanism and provide fair protection to all stakeholders.
In addition, the Company can continue its operation while being under the rehabilitation plan which is a sustainable solution to the problem and to create profits in the future. The Company will keep you informed on the progress related to the rehabilitation of the Company.”
The 44-year-old transgender media tycoon Ann Jakkaphong, made headlines internationally in 2022 when she bought the Miss Universe Organization for $20 million.
However, JKN clearly began to struggle in September when it faced a crisis for failing to repay a 609 million baht stock loan due September 1, 2023. Jakkaphong and her sister also had to sell nearly 100 million shares worth over 128.6 million baht later.
Ann Jakkaphong explained that the sale of JKN shares was due to a forced sale triggered by a sharp drop in the share price of over 50 percent in two days. However, she still holds a total of 392,287,682 shares, representing 38 percent of the total shares, and remains the largest shareholder.
On November 9, she posted a message on her Instagram to insist that the Miss Universe pageant 2023 in El Salvador would go on.
“No matter what…. I always put The Miss Universe Organization as my first priority in life. No matter how joyful or painful it’s gonna be…. Our universe must go on, must be great and must stay on top as the legendary Beauty Olympics in the World! I will sacrifice and do everything for the great success of OUR UNIVERSE ! Thank you for your love and kind support to JKN!
The Miss Universe Organization, one of our JKN’s diverse business ventures, maintains a pristine record and remains steadfast in its commitment to seamless operations. Anticipate three spectacular broadcasts next week as we continue our dedication to excellence. See you next week!!! Love you, everyone, with all my heart and soul!”