“Ann-Jakkraphong” seeks a business opportunity to accelerate the rehabilitation of JKN’s business, and reveals solutions to the problems. He announced that he is willing to take responsibility for creditors to recover their money fairly and equally.
Ann Jakrabong Chakrajutathip, CEO and Managing Director, with Ms. Narinthorn Ankroh Thanavong, Deputy Director General, Finance and Accounting, and Mr. Theeravan Pitsuwan, Legal Advisor. JKN Global Group Public Company Limited Or JKN issues a statement confirming the responsibility and is willing to request the business opportunity to accelerate the rehabilitation of the business
Mr. Chakravong Chakrajotathep CEO and Managing Director of JKN Global Group Public Company Limited or JKN revealed that JKN has been open for more than 10 years, realizing that the global media and content business has been changing rapidly. Consumer behavior has changed from before. Online media and applications are used to watch series or movies more than ever before.
Therefore, the company modified its business model to diversify risks. And creating new high growth businesses leading to investment in a business recognized around the world such as the Miss Universe Organization that can generate income. It became the main business of JKN.
In this regard, the last Miss Universe contest in El Salvador is considered a great success. Both in terms of stage, lighting, sound, and managing the perfect competition. It is broadcast in more than 160 countries around the world. It received top ratings on Telemundo, Roku and social media platforms. With more than 1000 million visitors
Currently, the company’s main business is divided into 4 groups:
1. Being the owner of a Miss Universe organization that has been in existence for over 70 years, and able to generate income from expanding new businesses under the Miss Universe brand.
2. Content Sales, the copyright holder of program content in series, films, cartoons and documentaries from various countries such as India, South Korea, China, the Philippines and the United States, besides being the copyright distributor for the business of TV station operators of all systems.
3. Selling consumer products under the Anne’s brand through JKN Hi-Shopping channel on television. And on electronic platforms
4. Media sales, doing business on digital television by co-producing news programs between JKN 18 and TOP NEWS to be broadcast on JKN18 channel.
Ms. Narinthorn Ankroh Thanavong, Deputy General Manager of Finance and Accounting, JKN Global Group Public Company Limited, said that after being listed on the stock exchange, the company continued to expand its business. By raising funds by raising borrowing capital from commercial banks and currently issuing bonds, the value of the bonds is more than 3,000 million baht.
The company then used the bond funds as investment in business expansion, totaling more than 2,286 million baht, and the rest was used as capital for business operations. But when the company’s clients there is a delay in payment. This caused the company to suffer from a lack of liquidity. And unable to repay the bonds on the scheduled date
Therefore, the financial advisor and legal advisor recommended that the company submit an application for a rehabilitation plan with the Central Bankruptcy Court. In order for the company to be able to continue operating while looking for a solution to solve the debt problem
Mr. Thiravan Petswan, Legal Counsel of JKN Global Group Public Company Limited, said that entering into the process of business rehabilitation will help the company solve the liquidity problems of the company efficiently. There is a law to support and provide fair protection for all parties involved.
In addition, the company can continue to operate the business during the business rehabilitation process. To solve the company’s problems and achieve stable profits from continued business operations in the future
Uncovering the Causes – Guidelines for Business Rehabilitation
1. Although the company is not yet insolvent, it is not yet in bankruptcy, but repaying the company’s debts may face problems and lead to bankruptcy proceedings, resulting in a decline in the value of the company’s intangible assets. Which will affect and cause harm to the company’s creditors and shareholders in the near future
2. To protect creditors from getting payments according to the plan. Therefore, it is necessary to bring the company into the business rehabilitation process.
3. The company has prepared information documents. A list of creditors and the amount of each type of debt, presented to the court and creditors for consideration by the company to develop a business rehabilitation plan. Then on November 8, 2023
4. The company will prepare a business plan consistent with allocating cash flow to pay off debt. By allowing creditors and the court to consider and approve
5. The company will manage the business plan in accordance with the plan that has previously been approved by the meeting of creditors and the court.
6. When the creditor receives payment according to the plan. The company will exit the plan. Then continue with business as usual and stabilize.
Mr. Chakravong concluded by saying that the company is committed and determined to seek opportunities to successfully solve various problems. And ready to assure you that the problem will be resolved so that the creditors get their money fairly and equally.
Read more news
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”