Symbol: CNT
Headline: Progress of Debt Restructuring Plan of the Company
Time: 16 Apr 2004 09:09:09

                                    (Translation)

Ref . no. DY/SET/004/2004                       16th April 2004

Subject Progress of Debt Restructuring Plan of the Company 

To      The President
        The Stock Exchange of Thailand

Reference     Your letter Bor.Jor 310/2546 dated 21 April 2003.

As per your letter referred above, the Company hereby submitted the Progress of 
Debt Restructuring Plan of the Company for you acknowledgement.

Please be informed accordingly.


                           Yours faithfully,
                            - Signature -
           (Mr. Sommai Ungsrithong) (Mr. Danuch Yontararak)
                      CN Advisory Company Limited
                       As Plan Administrator of
          Christiani & Nielsen (Thai) Public Company Limited




                   Progress of Business Reorganization Plan of
              Christiani & Nielsen (Thai) Public Company Limited


Christiani & Nielsen (Thai) PCL (the Company) filed a petition for business 
rehabilitation with the Central Bankruptcy Court (the Court) on 31 May 2002.  On 8 
July 2003, the Court ordered the rehabilitation of the Company and appointed C N 
Advisory Co., Ltd. as the Planner.  On 15 January 2003, CN Advisory Co., Ltd. as the 
Planner proposed the Business Rehabilitation Plan (the Plan) to the Creditors and the 
Plan was approved by the majority of the concerned trade and financial institution 
creditors on 18 February 2003 and subsequently agreed by the Court on 2 May 2003, 
which then appointed CN Advisory Co., Ltd. as the Plan Administrator.


C N Advisory Co., Ltd. as the Plan Administrator of Christiani & Nielsen (Thai) PCL 
would like to report on the progress of the Plan as follows:


Capital Restructuring
According to the Plan approved by the Central Bankruptcy Court on 2 May 2003 and 
following by the resolution of the Board of Directors Meeting of the Plan Administrator 
No. 3/2546 held on 23 July 2003, approved by the Court on 5 August 2003, the 
capital of the Company has been restructured as follows:


1. Decrease of unpaid capital of 18,035,800 shares resulting in the decrease of 
registered capital from Baht 1,592,193,200 (159,219,320 shares with par value 
of Baht 10 per share) to registered capital of Baht 1,411,835,200 (141,183,520 
shares with par value of Baht 10 per share).  The registration was made with 
the Registrar on 25 August 2003.

2. Decrease of paid-up capital to compensate the retained loss by reducing par 
value from Baht 10 per share to Baht 0.01 per share, resulting in the capital 
reduction of Baht 1,410,423,364.80 from registered capital of Baht 
1,411,835,200 to registered capital of Baht 1,411,835.20 (141,183,520 shares 
with par value of Baht 0.01 per share).  The registration was made with the 
Registrar on 26 August 2003.

3. Transfer of the legal reserve in the amount of Baht 28,418,390 and share 
premium amount of Baht 198,136,897 to compensate retained loss.  The 
transfer has been made since 3rd quarter 2003.


4. Allotment of 31,060,374,480 new ordinary shares at par value of Baht 0.01 (1 
Stang).  Allotment of 31,060,474,400 new ordinary shares to existing 
shareholders in the ratio of 1 existing share to 220 new shares at the offer 
price of Baht 0.01 per share (1 Stang).  Subscription period during 16, 19 and 
20 September 2003.  Allotment of new 80 ordinary shares to private placement 
at the offer price of Baht 0.01 per share (1 Stang).  Subscription date was 26 
September 2003.  The registered capital of the Company was increased from 
Baht 1,411,835.20 (141,183,520 shares with par value of Baht 0.01 per share) 
to new registered capital of Baht 312,015,580 (31,201,558,000 shares with par 
value of Baht 0.01 per share).  The registration was made with the Registrar on 
30 September 2003.

5. The resolution of the Board of Directors Meeting of the Plan Administrator No. 
1/2547 held on 14 January 2004 approved the change of the par value 
according to the Plan approved by the Court on 5 August 2003 from the 
existing value of Baht 0.01 per share (1 Stang) to new par value of Baht 1.00 
per share by combining the shares from 100 existing shares to 1 new share.  
The combining of the shares has been done and the registration was made 
with the Registrar on 16 March 2004.

The Group Restructuring
The Company has disposed of the investments in the projects and closed the 
dormant subsidiaries and subsidiaries with operating loss in 3rd quarter 2003 
according to the resolution of the Board of Directors Meeting No. 3/2546 of the Plan 
Administrator held on 23 July 2003, and approved by the Court on 5 August 2003.

The Debt Restructuring
The debt to each Group according to the Plan was paid accordingly.  The part of the 
debt that may become payable in the future had already been reserved as "Provision 
for loss from guarantee obligations and other payables".  The reserve amount of Baht 
112 million was estimated at the rate of 3% of payable debt claimed i.e. debtor 
Groups 8, 9, 11 and 12.  The Company believes that such reserve will cover losses 
and apart from such obligations, there will be no significant liabilities to be incurred.   
The Company will pay the reserved debt to debtors Group 8, 9, 11 and 12 whenever 
the Company has received the order from the Official Receiver or the Court.  For 
Debtor Group 10, with the total claim of approximately Baht 3,482 million, the Official 
Receiver has inspected the evidence and found that the claim represented the 
construction contract value of the Joint Venture: Nawarat, Italian, Christiani and A.S. 
in which the Company has a 25% investment.  The Joint Venture is now performing 
the construction contract and has not yet breached the contract.  The Official 
Receiver has ordered the Debtor to receive only the Advance Payment of 
approximately Baht 340 million together with interest payment at the rate of 7.5% per 
annum from the date of dispute until received in full.  The Joint Venture has already 
paid the amount due in full to the Debtor in 4th Quarter 2003.

Details of payments and adjustment of liabilities
Group of Debtor            Liabilities       Debt Restructuring according        Implementation
                           accordin                to the Plan                   of the Plan
                          to the Plan                                            as of 31/03/04
                          (Million Baht)
     1st                     169.1           Transfer ownership of land          Transfer made according 
Secured Creditor                             and buildings of the Company         to the Plan. 
                                             and Subsidiaries to settle the 
                                             debt.
     2nd                     10.0            Remain as Overdraft Facility ,      Debt restructured 
Secured Creditor                             retain existing secured assets      according to the Plan.
                                             for at least 5 years
     3rd                     129.7           Option 1, remain as Overdraft       Debt restructured/paid 
Unsecured Creditor                           Facility or loan for at least 5     according to the Plan.
                                             years.
                                             Option 2, pay at the rate of 
                                             3% of debt restructuring  
                                             within 3 years.
     4th                     1,718.6         Pay at the rate of 3% of debt        Paid according to the 
Debenture Creditor                           restructuring within 3 years.        Plan.
     5th                       75.0          Transfer ownership of land of        Transfer and payment 
Debenture Creditor by                        the Company and for the              made according to the 
Court Judgement                              remaining debt pay 3% within         Plan.
                                             3 years. 
     6th                       130.2         Pay in full within 90 days after     Baht 118.08 M., as 
Trade Creditors                              the issue of final decision.         adjusted, has been paid. 
    7th                        390.5         Pay at the rate of 3% of debt        Payments as adjusted 
Lending Creditors from                       restructuring within 3 years.        have been completed.
related company
   8th                        1,436.9        Pay at the rate of 3% of debt         A reserve for essential 
Guarantee Note                               restructuring within 3 years,         debt has been made at 
Creditors for loan to                        subject to the order of the           the rate of 3% of debt 
related company                              Court                                 restructuring.
   9th                        3,156.2        Pay at the rate of 3% of debt         A reserve for essential       
Guarantee Note                               restructuring within 3 years,         debt has been made at 
Creditors                                    subject to the order of the           the rate of 3% of debt 
                                             Court.                                restructuring.
  10th                        3,482.0        Operating under construction          Joint Venture is operating 
Bangkok Metropolitan                         contract for Joint Venture in          under construction 
Administration                               which the Company has 25%              contract and has not 
                                             investment.  The Company is            breached the agreement.  
                                             obliged to pay only when an            The Official Receiver has 
                                             order is received from the             ordered the creditor to 
                                             Court.                                 receive only the advance 
                                                                                    payment of approximately 
                                                                                    Baht 340 million including 
                                                                                    interest at the rate of 
                                                                                    7.5% per annum from the 
                                                                                    date of dispute until 
                                                                                    completion of payment.  
                                                                                    The payment has been 
                                                                                    paid. 
   11th                       118.2          Pay at the rate of 3% of debt          A reserve for essential 
Revenue Department                           restructuring within 3 years.          debt has been made at 
                                                                                    the rate of 3% of debt 
                                                                                    restructuring.
  12th                       128.5           Pay at the rate of 3% of debt          A reserve for essential 
Other Creditors                              restructuring within 3 years.          debt has been made at 
                                                                                    the rate of 3% of debt 
                                                                                    restructuring.
  Total                     10,944.9


After implementation of Capital Restructuring, Group Restructuring and Debt 
Restructuring, net amount of Shareholders' Equity of the Company was Baht 515 
million as of 31 December 2003, increased from the deficit amount of Baht 394 million 
at 3rd Quarter 2003.  Moreover, total liabilities of the company decreased from Baht 
2,311 million in 3rd Quarter 2003 to Baht 1,546 million in 4th Quarter 2003.

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