Sears Holdings cannot "pay it back" hence the filing for bankruptcy. Yes there are other secured creditors and even a larger boatload of unsecured creditors.
What you have in this Sears bankruptcy is unique. Call it "the story of Eddie".
Eddie cannot pay Eddie ..so Eddie filed bankruptcy. No one wanted to buy Eddies' company so Eddie tried to restructure the debt he owed himself but Eddie was unsuccessful. Eddies' other creditors wanted Eddies' company to be liquidated but Eddie convinced the judge to allow an auction for the assets which would keep a few hundred stores open and thousands of people would keep their jobs. When the auction was held Eddie was the winning bidder albeit the only bidder. Eddie bought the only assets worth taking thru a private company he formed called Transform Holdco LLC. Eddie is one of the stakeholders in what will be the "new" Sears along with some other (very reluctant) secured & unsecured creditors.
The "surviving "New" Sears stores (about 400 in all) will be paying rent for their space to another company Eddie has a controlling interest in called Seritage Growth Properties (ticker: SRG) which is all to say Eddie will be paying Eddie rent for Eddies new Sears stores.
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