Pawnbroker Albemarle & Bond (LON:ABM) slumped further on another trading warning blamed on a weak gold price and competition from payday and other lenders.
The group traded at a loss for the first five months of its current year, despite closing almost all of its pop-up shop gold buying chain.
Pledges or loans made over the period fell by 12%, while Albemarle also incurred costs associated with its aborted rights issue.
The group has already appointed a chief restructuring officer to try to sort out its problems, while Chris Gillespie started early as new chief executive in October.
Debts were £50.1mln at 25 November against banking facilities of £53.5mln.
Albemarle said it was keeping within its limits through a combination of restricting unsecured Speedloan lending, closing the online lending business to new advances and a programme of exceptional smelting of retail stocks.
It had already warned that it was at a high risk of breaching its debt covenants and is holding discussions with its lending banks over a deferral of these.
The 2013 annual report has also been delayed due to the uncertainties.
Chris Gillespie said: "Tough trading conditions have continued to impact our results, but we are making progress controlling costs and managing within our constrained banking facilities."
Shares dropped 40% to 22.4p.