Thai Miss Universe Owner Loses Half Its Value on Payment Delay

Shares of JKN Global Group Pcl, a Thai media corporation that possesses the famous Miss Universe beauty pageant label, continued to plummet to an unprecedented low upon the company's announcement that it is incapable of completely fulfilling its obligations to repay bond debts.

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JKN experienced a significant decline of up to 28%, settling at 1.23 baht. This occurred when the company made an announcement on Thursday stating their ability to only cover 26% of the interest and principal due on their bonds today. The reason provided was the challenging global and domestic economic conditions. Since this revelation, the company's shares have plummeted and have now lost nearly 50% of their initial value.

JKN, the company that acquired the Miss Universe Organization for $20 million last year, has scheduled a gathering with bond owners on September 29th. Its aim is to attain their consent for the postponement of payment, stated Chief Executive Officer Jakapong Jakrajutatip on Thursday.

The company plans to return 157 million baht ($4.47 million) on bonds that are set to mature on September 1. This amount is much lower than the combined sum of principal and interest which amounts to 610 million baht. The announcement was made in a filing that was submitted on Thursday.

Jakkapong has stated that the company's proposed payment schedule for the remaining interest and principal makes it improbable for the partial payment of bonds due on Friday to result in a "call default."

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