BANGKOK — Thailand’s Court of Appeal has overturned a lower court ruling and rejected a petition to place JKN Global Group Plc into court-supervised business rehabilitation, dealing a major setback to the media and content company founded by Anne Jakrajutatip, the former owner of the Miss Universe Organization.
The Central Bankruptcy Court on December 25 read the decision of the Court of Appeal for Specialized Cases, Bankruptcy Division, which found there were no reasonable grounds or viable legal pathway for JKN to rehabilitate its business. The appellate court reversed the earlier ruling, dismissed the rehabilitation petition and struck from the docket the appeal concerning the appointment of the debtor as plan preparer.
The appeal was filed by North Haven Thai Private Equity Gemini Co. (Hong Kong) Ltd., listed as the 13th objector and the company’s 1,512th creditor, challenging both the rehabilitation request and the Central Bankruptcy Court’s order appointing the debtor to prepare a plan.
In its review, the appellate court said JKN, a publicly listed company engaged in content licensing, advertising, dietary supplements and management of Miss Universe Organization rights, had relied heavily on bond issuances as its primary source of funding. The company issued bonds 17 times between 2016 and 2023.
Anne Jakkaphong Jakrajutatip, owner of the Miss Universe Organization, stands on the stage during the final round of the 72nd Miss Universe Beauty Pageant in San Salvador, El Salvador, Saturday, Nov. 18, 2023. (AP Photo/Moises Castillo)JKN initially met its bond repayment obligations through the seventh issuance, but defaulted on its eighth bond (JKN239A) upon maturity on Sept. 1, 2023. The default triggered acceleration clauses on bond series 12 through 19, bringing total immediately due debt to 3.212 billion baht ($103.5 million), the court said.
The court acknowledged JKN faced a liquidity crisis that rendered it unable to meet obligations as they fell due, a condition that can qualify a debtor to seek rehabilitation under bankruptcy law. However, it said the company’s financial statements showed growth driven by repeated debt issuance rather than operating profitability.
The court rejected JKN’s claim that investor confidence had been undermined by the collapse of Stark Corporation Plc, saying Stark’s bond default occurred later and was unrelated to JKN’s own default.
It also cited governance concerns surrounding JKN’s sale of the Miss Universe Organization. The court said JKN received only $3.7 million from the transaction, with $10.8 million still unpaid, and that proceeds from a capital increase were used to repay a 300 million baht ($9.7 million) loan to an executive director ahead of other creditors.
“The debtor’s business problems stem from internal management factors,” the appellate court said, adding that JKN failed to demonstrate any realistic means to repay or mitigate losses suffered by bondholders. “There is therefore no reasonable cause and no viable channel for rehabilitation.”
Jakrajutatip, a high-profile transgender businesswoman, resigned from all positions at JKN after being charged by Thailand’s Securities and Exchange Commission. She later stepped down from roles at the Miss Universe Organization. On June 6, 2025, JKN disclosed the SEC charges and the resignations in a filing.
Jakrajutatip became the first transgender woman to own the Miss Universe Organization after purchasing it for $20 million in October 2022. The acquisition was followed by mounting financial turmoil at JKN.
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