If it has already lost roots it can continue to loose leaves until it gets to a size that the reduced roots can support.
I agree with the advise to get it in to the smallest pot you can with fresh medium. I have tried various ways of trying to use bigger pots than the roots really needed and in the end I have found the only way is to get some tiny pots. My sickest phals have rewarded me for that with a flush of new roots.