SAN SALVADOR: Despite the financial troubles of JKN Global Group, owned by Anne Jakkaphong, the Miss Universe pageant is still scheduled to proceed as planned in El Salvador.
Despite filing for bankruptcy, the event is expected to showcase diversity by featuring two transgender contestants. With just one week remaining until the pageant, there are growing concerns about its fate.
JKN's commitment to Miss Universe
Anne, known for her advocacy for transgender rights and her experiences as a trans woman, took charge of the Miss Universe Organization at a time when there was a global push for greater diversity and inclusivity in the beauty pageant industry.
JKN Global Group, a media distribution company, acquired the Miss Universe Organization for a sum of 20 million dollars in 2022. Recently, the company submitted a petition for "business rehabilitation," which has been accepted by Thailand's bankruptcy court, as per Marca.
Despite this legal move, JKN is committed to ensuring a "top-notch experience" for Miss Universe fans and remains optimistic about the financial restructuring that will support all aspects of its business operations, including the prestigious beauty pageant.
Anne, the leader of JKN, had expressed plans to expand the Miss Universe Organization in Asia and venture into branded merchandise, showing the company's commitment to growth and development.
Transgender contestants shine in 2023 Miss Universe pageant
The upcoming 2023 Miss Universe pageant, scheduled to be held in El Salvador, is making headlines for its inclusion of two transgender contestants: Marina Machete, who was recently crowned Miss Portugal, and Rikkie Kolle, the first transgender winner of Miss Netherlands.
The Miss Universe Organization has emphasized its commitment to inclusivity, stating that "trans women are women, full stop." A policy that has been in place for over a decade. If either Marina or Rikkie secures victory, they will make history as the first trans women to wear the coveted Miss Universe tiara.
JKN's financial woes and their approach to stability
Bankruptcy filings, while alarming, do not necessarily indicate an imminent business closure. Often, companies utilize this legal tool to manage unsustainable costs and alleviate debt, seeking a path toward financial stability.
JKN's financial challenges stemmed from missing a 12-million-dollar loan repayment due on September 1, a situation the company addressed in its bankruptcy filing by outlining intentions to restructure debt and extend the repayment period, citing a "liquidity problem."
With nearly 90 contestants from around the world participating, the 71st edition of the Miss Universe pageant will continue its traditional assessment of contestants, which includes personal statements, in-depth interviews, and competitions involving evening gowns and swimwear.
Despite the bankruptcy filing, JKN Global Group has affirmed its determination to go ahead with the event, ensuring that the show will indeed go on.
