The company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant.
Overnight, Thailand-based JKN Global Group submitted a petition for “business rehabilitation” into a Thai court.
That’s the nation’s equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the business in the hopes of turning things around.
The company’s hearing date has been set for the Thai Bankruptcy Court on January 29 and it will continue operating in the meantime. That means the Miss Universe competition, slated to run next Saturday, will go ahead.
JKN Global Group purchased the global Miss Universe brand for US$20 million (A$31…
