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Debenhams says it is seeking a cash injection of up to £200m from existing lenders as it tries to fend off Sports Direct's Mike Ashley.
The struggling department store chain said the move would "provide liquidity headroom" and "deliver stability" for customers and staff.
Lenders have until Thursday next week to approve the cash call, which the firm says will allow it to restructure.
It warned that shareholders could still be wiped out if things go wrong.
The firm - which issued three profit warnings last year - is in talks with lenders over renegotiating its debts.
It is also trying to accelerate plans to close stores and is expected to close about 20 outlets this year.
Earlier this month, Sports Direct said it wanted to remove all the current members of the Debenhams board except one and appoint Mr Ashley, its boss, to run the business.
Sports Direct has a near-30% share in Debenhams. Last week, it confirmed it had offered a £150m loan to Debenhams as part of a deal that would make Mr Ashley chief executive.
Debenhams said its appeal to lenders "would allow the company to enter into new money facilities and give Debenhams the ability to pursue restructuring options to secure the future of the business".
But it also warned: "Certain of these options - if they materialise - would result in no equity value for the company's current shareholders."
Debenhams gave no further details. However, one such option is a so-called "pre-pack" administration - an insolvency procedure in which a firm arranges to sell its assets to a buyer before appointing administrators to facilitate the sale.