NEWS
JKN Global offers repayment plan after 1 Sept default; Thai media group attempts to reassure investors as stock price plummets
04 September 2023
Bangkok-based Thai media company, JKN Global Group, is negotiating with bond holders to reschedule its debt repayment, saying it is able to pay about 26% of the amount immediately and offering a re-payment schedule for the balance.
As the group made its position public on Thursday (31 August), the company’s stock price plunged, recovering slightly today but still down 69% year to date.
CEO/managing director, Anne Jakrajutatip, made the announcement in a live broadcast on the JKN18 channel and attempted to reassure investors that payment promises were real.
The debentures maturity date was Friday (1 Sept).
JKN was schedule to pay a total of THB 609,981,369.86/US$17.3 million.
On the eve of the payment deadline, JKN said “the financial liquidity management of the Company is not in line with the expected forecast”.
The company admitted discussions on other sources of funding had come to nothing.
JKN has offered a partial repayment of THB 148,050,000/US$4.2 million in principal and THB 9,981,369.86/US$283,650 in interest, totaling THB 158,031,369.86/US$4.5 million – or 26% of the total.
If accepted, the transaction will leave an outstanding balance of THB 451,950,000/US$12.8 million.
The repayment plan will be presented to bond holders on 29 September for approval. The debenture due on 1 September was the first of seven. The others mature on 15 March, 10 June, 20 October and 11 November 2024, and 24 February and 10 May 2025.
At the end of June, JKN reported net profits of THB 101.72 million/US$2.9 million, an increase of 32.86% from the same period in 2022.
Since October last year, Jakrajutatip has made headlines around the world for her US$20-million acquisition of the Miss Universe Organisation from IMG.
This followed the 2021 acquisition of loss-making digital terrestrial broadcast station, New 18, for THB 1,060 million/US$34 million.
JKN and its subsidiaries reported total assets as at 30 June 2023 of THB 12,161.27 million/US$345 million, an increase of THB 1,433...
Bangkok-based Thai media company, JKN Global Group, is negotiating with bond holders to reschedule its debt repayment, saying it is able to pay about 26% of the amount immediately and offering a re-payment schedule for the balance.
As the group made its position public on Thursday (31 August), the company’s stock price plunged, recovering slightly today but still down 69% year to date.
CEO/managing director, Anne Jakrajutatip, made the announcement in a live broadcast on the JKN18 channel and attempted to reassure investors that payment promises were real.
The debentures maturity date was Friday (1 Sept).
JKN was schedule to pay a total of THB 609,981,369.86/US$17.3 million.
On the eve of the payment deadline, JKN said “the financial liquidity management of the Company is not in line with the expected forecast”.
The company admitted discussions on other sources of funding had come to nothing.
JKN has offered a partial repayment of THB 148,050,000/US$4.2 million in principal and THB 9,981,369.86/US$283,650 in interest, totaling THB 158,031,369.86/US$4.5 million – or 26% of the total.
If accepted, the transaction will leave an outstanding balance of THB 451,950,000/US$12.8 million.
The repayment plan will be presented to bond holders on 29 September for approval. The debenture due on 1 September was the first of seven. The others mature on 15 March, 10 June, 20 October and 11 November 2024, and 24 February and 10 May 2025.
At the end of June, JKN reported net profits of THB 101.72 million/US$2.9 million, an increase of 32.86% from the same period in 2022.
Since October last year, Jakrajutatip has made headlines around the world for her US$20-million acquisition of the Miss Universe Organisation from IMG.
This followed the 2021 acquisition of loss-making digital terrestrial broadcast station, New 18, for THB 1,060 million/US$34 million.
JKN and its subsidiaries reported total assets as at 30 June 2023 of THB 12,161.27 million/US$345 million, an increase of THB 1,433.53 million/US$40.6 million from 31 December 2022 or 13.36%.
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