Miss Universe owner clarifies: ‘We are not going through a business bankruptcy’

Miss Universe, which recently crowned Sheynnis Palacios as the winner of the 72nd edition, is undergoing a series of changes, not only in terms of the pageant’s guidelines but also as a company. Anne Jakrajutatip, the owner of the competition, recently traveled to Mexico City for the official presentation of Cynthia de la Vega as Lupita Jones’s replacement as the director of the franchise in Mexico. During this visit, she took the opportunity to clarify rumors about the financial status of the company, ensuring that it is not on the brink of bankruptcy.

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Asked about the economic situation of the organization she leads, Anne denied that it is going through a crisis. “I am very happy to be able to talk about it here with you. Much of the news being spread is false, what we call fake news. There is a lot of controversy about me and my company, precisely because we are in a successful moment,” she told the press, as reported by Hoy Día (Telemundo).

“We are not going through a business bankruptcy but what we call business rehabilitation, which is a very different term from what is currently being said in the press,” explained the Thai businesswoman, refuting those speculations.

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Bankruptcy rumors surrounding Miss Universe intensified following the disclosure that JKN Global Group, the current owner of the renowned beauty pageant, declared bankruptcy in Thailand. The Thai company confirmed filing for “business rehabilitation,” a procedure akin to Chapter 11 of the United States Bankruptcy Code. The Thai bankruptcy court accepted the petition, signifying a noteworthy shift in events for the company.

JKN acknowledged its failure to meet the payment deadline for its loan of approximately $12 million, due on September 1st. The company attributed its inability to refinance its debt to challenging market conditions, including high inflation. In response, JKN outlined plans to restructure its debt and extend the payment period to address what it described as a “liquidity problem.”

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Proud of the changes in the pageant

During her visit to Mexico, Anne highlighted the values that have guided Miss Universe in this new phase of the pageant. “When we talk about empowering women, we mean all kinds of women, no matter who you are. We are all the same as human beings—trans women, mothers, married women.” She also emphasized the importance of breaking stereotypes and prejudices: “Currently, we embrace plus-size beauty, and there are no age limitations,” referring to the changes in the regulations.