SET-listed JKN Global says it plans to repay all its liabilities owed to bondholders within five years after a strategic investor, Mexican businessman Raul Rocha Cantú, agreed to inject 1.75 billion baht to revive the debt-ridden owner of Miss Universe Organization (MUO).
Chief executive and managing director Jakkaphong Jakrajutatip said the company would be able to make the first payment on its 3.378 billion baht in bonds next year, offering 1.7% annual interest to bondholders.
Roughly half of the total amount will be repaid within four years, with the balance, some 1.69 billion baht, expected to be paid in the fifth year, she said.
JKN has been under business rehabilitation supervised by the Central Bankruptcy Court after some investors agreed in September 2023 to extend the payment due date of the bonds.
In January 2024, the company announced it sold half of MUO to Legacy Holding Group USA Inc (LHG), owned by Mr Rocha Cantú, for US$16 million (nearly 582 million baht), generating funds for JKN's liquidity and restructuring plan.
On May 21, JKN informed the Stock Exchange of Thailand it scheduled a creditors' meeting on June 24, partly to ask for approval to name the company itself as the plan administrator of the rehabilitation.
"JKN is ready to propose a revenue generation plan to revive our business once the company is endorsed as the plan administrator in order to repay our debts owed to bondholders," said Ms Jakkaphong.
She said Mr Rocha Cantú is interested in investing in JKN because he is confident in the company's management and 25 years of experience as a content distributor.
"The Mexican businessman aims to support JKN as a Southeast Asian player in the industry and is ready to inject another $50 million [1.75 billion baht] into our company to be used as working capital, rehabilitating the business for us to be able to repay all the bondholders," said Ms Jakkaphong.
If JKN is endorsed as the rehabilitation administrator, the company is confident its expertise and global alliances will enable it to revive the business and grow, allowing it to repay debts, she said.