Debenhams has asked its existing lenders for a £200m cash injection.
The retailer has launched a ”consent solicitation for holders of Debenhams 5.25% senior notes due 2021”.
Lenders have until 5pm on 28 March to approve the deal.
Debenhams said this would allow it to enter into new funding facilities and give it the ability to pursue restructuring options to secure its future.
However, it added that some of the changes would result in no equity value for the company’s current shareholders.