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Shares in Slater and Gordon, the law firm now talking with its banks about reorganising its debt, took another beating today.

At the close, they had lost more than 45% to $0.315. At that price, the market capitalisation is about $110 million, down about $90 million on yesterday’s close of 58 cents.

Last year the shares hit a high of $8.07, valuing the company at $2.8 billion, but have been on steep slide because of its underperforming business in the UK and the British’s government plans to limit compensation for road accidents.

Slater and Gordon on Monday marked down the value of that UK business and reported a $958.3 million loss for the six months to December.

The company is reorganising and cutting costs, meaning likely redundancies in the UK where it has 3950 of its 5350 staff.

The other priority is to bring down debt. Net debt was $741.4 million at the end of December, up 18.9% or $118 million since June.

The company has agreed to deliver an operating plan and restructure proposal to its banking syndicate and its financial advisers this month.