Slater and Gordon has agreed an A$840m (£437m) refinancing deal with its bankers, giving management time to turn the firm around.

The Australian-listed firm announced the deal yesterday in a statement to the Australian Securities Exchange.

The consumer-focused firm, which has expanded rapidly in the UK since its 2012 acquisition of Russell Jones & Walker, announced in February that it was looking to propose a restructuring of its banking facilities to its banking syndicate.

This followed a A$958.3m (£493m) after-tax loss in the six months to 31 December 2015, which included a massive writedown of the value of Quindell, which it acquired in March 2015.

Following the restructuring of its debt facility, the firm has A$480m (£250m) of debt maturing in May 2018 and A$360m (£187m) maturing in March 2019.

As part of the deal the firm has reset its financial covenants, has agreed to report more frequently to lenders and agreed not to declare or pay any dividends.

The firm's managing director Andrew Grech said: "We are confident that the amendments we have entered into today with our lending group provide us with the flexibility and time to execute and continue our performance improvement programme."

In addition to financial restructuring, the firm announced in February that it is to restructure its UK operations.

The firm's UK business will be reorganised into three divisions: fast-track personal injury claims, serious and specialist personal injury claims and general law services.

As part of the reorganisation, the firm expects to close a number of sites in the UK. The firm's Derby office will close on 30 June 2016 and its Sheffield, Fareham and Ashton offices are currently under consultation.

Slater and Gordon has agreed an A$840m (£437m) refinancing deal with its bankers, giving management time to turn the firm around.

The Australian-listed firm announced the deal yesterday in a statement to the Australian Securities Exchange.

The consumer-focused firm, which has expanded rapidly in the UK since its 2012 acquisition of Russell Jones & Walker, announced in February that it was looking to propose a restructuring of its banking facilities to its banking syndicate.

This followed a A$958.3m (£493m) after-tax loss in the six months to 31 December 2015, which included a massive writedown of the value of Quindell, which it acquired in March 2015.

Following the restructuring of its debt facility, the firm has A$480m (£250m) of debt maturing in May 2018 and A$360m (£187m) maturing in March 2019.

As part of the deal the firm has reset its financial covenants, has agreed to report more frequently to lenders and agreed not to declare or pay any dividends.

The firm's managing director Andrew Grech said: "We are confident that the amendments we have entered into today with our lending group provide us with the flexibility and time to execute and continue our performance improvement programme."

In addition to financial restructuring, the firm announced in February that it is to restructure its UK operations.

The firm's UK business will be reorganised into three divisions: fast-track personal injury claims, serious and specialist personal injury claims and general law services.

As part of the reorganisation, the firm expects to close a number of sites in the UK. The firm's Derby office will close on 30 June 2016 and its Sheffield, Fareham and Ashton offices are currently under consultation.