Eddie Lampert had promised to pay $43 million to former workers.
If the refinancing effort is not successful, the company "will consider all other options" to maximize asset value.
The struggling retailer gets more time to pay off a $400 million loan and expects to obtain a new secured credit facility.
While store closures helped Sears cut its third-quarter loss by nearly $200 million, "the fundamental economics of the business do not add up."
"There's no turnaround. Anybody who suggests that that's the case... is suffering from a loss of reality."
The new influx in credit will help Sears stay afloat until future real estate deals provide more cash to pay down outstanding debts.
Retailer is said to face “significant default risk” in the next one to two years.
Revenue fell 8.3% to $5.39 billion, primarily driven by a 6.1% decline in comparable store sales during the first quarter.
Revenues fell approximately $1.8 billion, to $6.2 billion, for the quarter ended August 1.
Sales at U.S. stores open at least a year fell 10.6% in the second quarter to date as Sears tries to execute its turnaround strategy.
The division is expecting 5% to 6% growth by eliminating 450,000 unproductive house calls.
The retailing giant is forming a real estate investment trust that will buy 254 of its Sears and Kmart properties.
