Billionaire Anne’s slide to bankruptcy
The meteoric rise and fall of Anne Jakapong Jakrajutatip, a transgender businesswoman, has been of epic proportions. Just a few months ago, she was flying high, having made global headlines when her company, JKN Global Group Public Company Limited, acquired the Miss Universe Organization (MUO).
Since then it has been a steady downward slide for Anne, who has been squeezed by a liquidity crunch due to high leverage. The crisis has forced her to sell a part of her business and the situation has culminated in her company filing for bankruptcy protection in November.
With a debt-to-equity ratio at almost two times, her business lacks the cash flow to meet its debt repayment obligations, which stems from previous corporate bond issuing.
Ambitious move
Anne, 44, has shown a risk-averse approach to doing business. Her ambitious move to acquire MUO…
