Bed Bath & Beyond is making a last-ditch effort to avoid bankruptcy by turning to the public markets for new cash.

The retailer, which has been preparing for a Chapter 11 bankruptcy filing, will issue convertible preferred securities and warrants, it said in a statement Monday, and plans to raise more than $1 billion from the offerings. Bed Bath & Beyond secured investor backing for the move.

The company says it will use the proceeds from the sale, along with a draw on a credit line, to repay debt due under its asset-based loan, according to the statement. It will also make overdue interest payments on some of its debt.

A Bed Bath & Beyond spokeswoman didn’t respond to a request for comment. In the statement, the company said it “cannot give any assurances that it will receive any or all of the proceeds” of the sales.

A failure to complete the securities offering, the company added, will “likely force it to file for bankruptcy protection.”

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‍Source: Bloomberg