7-9-2023 (BANGKOK) JKN Global Group, the SET-listed owner of the Miss Universe Organization (MUO), witnessed its share prices drop over 8% as debenture holders’ representatives demanded cross-default action, seeking debt repayment within 30 days.
Asia Plus Securities (ASPS) and Daol Securities (Thailand), representing JKN’s six tranches of debentures, issued letters to the company, escalating the financial crisis.
ASPS, in a letter dated September 4, demanded the payment of the outstanding principal and interest for JKN239A debentures within a stipulated timeframe due to JKN’s default on payment for these debentures the previous Thursday. JKN had admitted its inability to meet the 610 million baht bond principal and interest payment due on September 1.
To address the default, JKN has scheduled a meeting of bondholders later this month to seek approval for the payment delay.
In another letter, ASPS also noted a cross-default concerning JKN246A debentures, indicating the urgency of resolving the situation. JKN was asked to clarify and proceed with a solution within 30 days from September 1.
Daol Securities also inquired about solutions for the default of the JKN239A debenture while notifying a cross-default on JKN243A, JKN24OA, JKN24NA, JKN252A, and JKN255A debentures.
JKN’s CEO and Managing Director, Jakkaphong Jakrajutatip, defended the company’s position, stating that bond repayment rescheduling should not be regarded as a default.
The company plans to hold a debenture holders’ meeting for JKN239A debentures on September 27 to discuss a debt repayment plan. Furthermore, it intends to convene meetings for other debentures within the specified contract period, seeking waivers for default and ensuring that associated events are not considered defaults.
Jakkaphong confirmed JKN’s commitment to fulfilling both principal and interest repayment obligations for all debentures.
