Miss Universe declares bankruptcy

The prestigious beauty pageantmiss Universe faces a financial crisis after the Thai company JKN Global Group, which owns the contest, declared bankruptcy.

The company, led byAnne Jakapong Jakrajutatip -a transgender woman-, acquired the pageant for $20 million at a time when inclusivity was promoted, allowing the participation of mothers and married women, as well as the incorporation of at least two trans women for the first time.

However, JKN Global Group has accumulated significant debt that it is seeking to restructure to overcome a "liquidity issue," according toBBC. Last year, JKN stock saw a drastic drop, declining more than 80%.

Although the company assures that it will continue its operations during the rehabilitation process,did not meet the payment deadline of approximately 12 million dollars corresponding to bonds issued to finance the acquisition.

Filing for bankruptcy does not necessarily mean that a company is about to go bankrupt. Just as you rememberCNN, many large companies have used bankruptcy filing as a tool to get rid of debts and costs that they cannot bear.

Thailand's Bankruptcy Court has set a hearing for the corporate rehabilitation petition on January 29, marking a critical milestone for the future of the pageant.

It should be noted that, under the management of JKN, significant changes were implemented in the contest format, opening the doors to the participation of women with diverse family roles and expanding transgender representation, in line with social evolution.

The revised format will also feature at least two trans women for the first time afterMarina Machete became the first transgender woman to win Miss Portugal andRikkie Valerie Kolle was crowned Miss Netherlands in July.

Miss Universe, an annual event with a history spanning seven decades and broadcast in more than 165 countries, is at a financial crossroads. The current situation raises uncertainty about the immediate future of one of the most prominent beauty pageants in the world.

The organization was co-owned byDonald Trump from 1996 until 2015, when it was sold due to the refusal of television partners to broadcast the pageant, motivated by his controversial comments about illegal immigrants made during his 2016 presidential campaign.

At the end of May, Jakrajutatipexpressed his astonishment at the fact that Cuba does not participate in this contest for more than five decades.

The revelation came during an interview with Cuban-Canadian content creator and founder of the "Extraordinary Talks" podcast, Luis Portelles, who told Jakrajutatip about Cuba's absence in the event's competition since 1967 and asked her if she would be willing to welcome you to the Caribbean country once again.

“Of course,” said Anne Jakrajutatip, who expressed her astonishment at the fact that Cuba has not participated in the competition for so many years, when other countries such as Russia or China do, so it should not be different.