As JC Penney (JCP) struggles with mounting debt, its creditors are looking to help the retailer turn things around. The retailer’s creditors are reportedly seeking a possible debt swap that could potentially keep the company from filing for bankruptcy.

With a $4 billion debt looming over its head, JC Penney’s creditors want to rework a portion of the debt before it matures, staving off a possible bankruptcy or liquidation, a source told Bloomberg. The potential for a debt swap could be a positive turnaround for the retailer based on its $1.75 billion in liquidity, the source told the news outlet.

As suggested, the deal would make the second-lien notes a higher priority while giving creditors more collateral or higher coupon securities by extending JC Penney’s debt maturities, the source said. With bond and term-loan maturities not due until in 2023, creditors reportedly believe the company still has potential as it has enough cash to pay its upcoming debt payments.

While the creditors are pushing for discussions with JC Penney, the company has yet to formally start the negotiation process. However, it has hired restructuring advisors, Kirkland & Ellis, and investment bank, Lazard, before the debt matures, the source said.

JC Penney’s first-lien creditors have also hired White & Case while the second-lien carriers have hired Stroock & Stroock & Lavan, Bloomberg reported.

JC Penney is slated to report its Q2 earnings on Aug. 15.

Shares of JC Penney stock were up 5.75 percent as of 11:15 a.m. ET on Thursday.

Signage is displayed at the entrance of a JC Penney department store inside the Manhattan Mall on May 15, 2017, in New York City. Drew Angerer/Getty Images