Oddbins wants to close a third of its stores and creditors will be offered a stake in a £4.7m compensation pot as part of its company voluntary arrangement (CVA).
As part of the CVA, the retailer wants to close 39 shops and its head office in London, resulting in 120 job losses.
The off-licence chain has also asked for rent on the remaining 89 shops to be cut by 30% and paid in monthly rather than quarterly instalments.
Oddbins managing director Simon Baile has been trying to drum up investment, but documents setting out the CVA show that this has been unsuccessful.
If landlords vote in favour of the CVA, the proposed payout equates to about 21p in the pound.
Creditors will vote on the proposal on March 31.