31-8-2023 (BANGKOK) Thailand-based content distribution and service provider, JKN Global Group (JKN), has announced that it will not be able to fully repay the principal and interest on a debenture worth 609.98 million baht due on Friday, September 1. The company plans to negotiate new repayment terms with debenture holders.
According to a statement released by JKN’s chief executive officer, Jakkaphong “Anne” Jakrajutatip, the company will pay 156.6 million baht (146.62 million in principal and 9.98 million in interest) on the due date, which accounts for 26% of the total amount. This will leave an outstanding balance of 443.4 million baht on the debenture issue JKN239A.
Jakkaphong revealed that JKN plans to meet with debenture holders on September 29 to seek their approval for a repayment delay. If approved, the overdue payment will not be considered a default as earlier contracted, and debenture holders will not call for immediate repayment. The CEO expressed confidence that JKN would be able to make repayments under a new plan.
The company has attempted to seek funds from its co-investors to prevent the default but has been unsuccessful. The news of JKN’s liquidity issues caused a sharp decline in the company’s shares, which closed at midday on Thursday at 1.77 baht, down by 0.61 baht or 25.6%.
JKN made headlines last year when it acquired the Miss Universe beauty pageant business, which was co-owned by Donald Trump between 1996 and 2002, for an investment of US$20 million. The company also secured a licence agreement for the show.
Jakkaphong, who was named the most powerful trans woman in the world by Forbes Thailand, remains optimistic about JKN’s future. The first Miss Universe pageant held under JKN’s stewardship is scheduled to take place in El Salvador on November 18.
