The owner of the Miss Universe pageant, formerly associated with ex-US President Donald Trump’s business empire, is now facing bankruptcy a year after buying it for $20 million. JKN Global Group, a Thai company, is dealing with financial troubles and aiming to resolve its "liquidity problem."

The CEO, Anne Jakapong Jakrajutatip, a transgender woman, purchased the pageant at a time when it was becoming more inclusive. However, the company is burdened by debt and is seeking to restructure its financial obligations.

JKN mentioned that while under a rehabilitation plan, the company intends to continue its operations. The funding for the acquisition was raised through bonds, but the firm missed a repayment deadline of approximately $12 million due on September 1.

Over the past year, JKN's stock price has plummeted by over 80%. The Thai Bankruptcy Court has scheduled a hearing on January 29 to address the petition for business rehabilitation submitted by the company.

Under JKN's ownership, the Miss Universe pageant has made changes, allowing mothers and married women to participate in the contest.

Additionally, the updated format will include at least two transgender women for the first time, following Marina Machete's win as Miss Portugal and Rikkie Valerie Kolle's crowning as Miss Netherlands in July. This renowned pageant, spanning seven decades, is broadcast in over 165 countries.

The Miss Universe Organization was co-owned by Mr Trump from 1996 to 2015.

The former US president sold the company after two television partners said they would not broadcast the pageant, over comments Mr Trump made about illegal immigrants during his 2016 presidential campaign.

He was also criticized when former Miss Universe Alicia Machado claimed Mr. Trump called her "Miss Piggy".

The remarks were made when she put on weight after winning the contest in 1996, the Venezuela-born model said.

"When I purchased the pageants many years ago, they were in serious trouble," Mr Trump said in a statement following the company's sale to US talent agency WME-IMG in 2015.

"It has been a great honour making them so successful. The pageants are now in the hands of a great company that will shepherd them to even greater levels of success."

[quote] that was so unfortunately,,so bad for a company