“Business rehabilitation program means JKN aims to preserve the continuity and integrity of the businesses.”
Anne Jakrajutatip, owner of the Miss Universe Organization (MUO), issued this statement following reports that her business filed for bankruptcy in Thailand.
These reports have also made their way to pageant accounts on social media.
In a statement on November 10, Anne denied that her company, JKN Global Group, filed for bankruptcy, saying it entered Thailand’s “business rehabilitation program” instead.
“Bankruptcy simply means your business is gone, but the BUSINESS REHABILITATION program means JKN aims to preserve the continuity and integrity of the businesses, allowing JKN to generate improved returns for creditors and investors through restructuring efforts,” she said.
Anne also said that JKN is “dedicated” and committed” to have its debts repaid and become “financially sound” afterward.
“JKN is fully dedicated to this process and remains committed to emerging as a stronger company, with all debts repaid and a financially sound future ahead. Thank you once again for your love and support,” she wrote with a heart and a hands-paying emoji.
In her Instagram post, Anne requested the public’s understanding between the two terms, “bankruptcy” and “business rehabilitation.”
“JKN Global Group entered Thailand’s business rehabilitation program, a distinct alternative to filing for bankruptcy. These two words have different meanings. Hence, please understand each definition correctly,” she said.
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Anne also mentioned the need for JKN’s rehabilitation when she first announced this move, citing it as a “necessary step” to repay the company’s debts.
“While our operating cash is intact and the company will continue to run operations as planned, this is a necessary step in our growth to ensure that our debt is repaid and the company remains financially healthy,” her previous state reads.
The Thai entrepreneur also said that the organization is her “first priority,” describing it as the “legendary beauty Olympics in the world.”
“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!” Anne said.
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Anne’s JKN Global Group bought the United States-based organization in 2022 for $20 million.
READ: Thai businesswoman buys Miss Universe pageant for $20 million
According to Nikkei Asia, Bangkok-based JKN failed to repay $12.4 million worth of debt. It was due last September 1.
Michelle Dee is currently the representative of the Philippines in this year’s edition of the Miss Universe competition. The coronation night will be held in El Salvador this month.
A ‘proceeding’ in Thailand
Meanwhile, according to the International Financial Law Review (IFLR), a business rehabilitation is a “proceeding” under Thailand’s Bankruptcy Act wherein debtors file a petition before a court in hopes of approval to proceed with a rehabilitation plan.
If this plan is approved and endorsed by the court, both debtors and creditors have to comply with its terms and conditions.
“Creditor(s) who disagree with the plan are entitled to propose amendments by filing a petition with the Official Receiver at least three days prior to the creditors’ meeting,” the publication said.
“If the plan is approved in the creditors’ meeting and endorsed by the Court, a plan administrator will be appointed to implement the approved rehabilitation plan and all creditors will be bound by the repayment terms and conditions specified therein,” it added.
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