BANGKOK, Thailand (The Adobo Chronicles, Bangkok Bureau) – Instead of a bejeweled crown, the woman who will be named 2023 Miss Universe will instead be wearing a small, silver-plated tiara.

This was announced today by the owner of the Miss Universe pageant, as part of its financial recovery plan.

JKN Global Group Pcl, a Thai media company that owns the pageant brand, has petitioned for debt rehabilitation as it seeks to solve a liquidity crunch. JKN submitted the business rehabilitation request with Thailand’s Central Bankruptcy Court on Wednesday, it said in an exchange filing .

As part of the recovery plan, the new Miss Universe will also no longer live in a plush New York apartment during her one-year reign. Instead, she will be based in a 19 square meter- studio condominium in Bonifacio Global City (BGC) in the Philippines.

The Adobo Chronicles learned that the BGC condo will not cost the Miss Universe organization anything since it will be rent-free, courtesy of Makati City Mayor Abby Binay.