President Pin Kewkacha said in a filing with the Stock Exchange of Thailand (SET) that the adviser would report the progress of the plan every three months.

Safari, which operates an amusement and theme park in Phuket, faces possible delisting because its shareholders' equity plunged into negative territory of Bt71.4 million at the end of last year.

It reported a consolidated net loss of Bt359.53 million, compared with a net profit of Bt475.28 million in 2005.

The SET earlier said it required Safari to inform it clearly by today whether it preferred to propose a rehabilitation plan to shareholders, rehabilitate the business under the Bankruptcy Act, apply for voluntary delisting or take any other options beneficial to the company and specify the time required for implementation.

After dissemination of Safari's decision, trading of its stock will be allowed for a period of 30 days from next Tuesday to May 16 before suspension of trading while it undergoes rehabilitation.

Before its shares can be traded again, shareholders' equity must return to above zero, there must be a net profit from its core business for three consecutive quarters, more than 75 per cent of debt must be restructured, and the company must demonstrate a strong financial position and performance on a continuous basis.

Siam Commercial Bank last year filed a lawsuit in the Civil Court against Safari for breaching a Bt2.36-billion loan agreement after nine years of debt restructuring.

The bank, however, already had collateral that covered the debt, currently treated as a doubtful loan.

Safari's loan principal as of June 30, 2004, was Bt1.4 billion, while overdue interest totalled Bt577 million. The company also had an overdraft of Bt10 million.

Under the restructuring agreement, the company agreed to repay the principal by June 2015 in 40 quarterly instalments starting from September 5, 2005.

The company also agreed to pay interest of 3 per cent per annum from July 1, 2004, to June 30, 2005. In addition, the company agreed to pay interest at the minimum lending rate per annum from July 1, 2005, to June 30, 2015.