The Wall Street Journal reported on Friday that the Cineworld, owner of Regal Cinemas, has met with lawyers from Kirkland & Ellis LLP and consultants from AlixPartners for advice on the bankruptcy process.
Cineworld was founded in 1995 and it acquired Regal chain in 2018.
According to the news outlet, the company is expected to file a Chapter 11 petition in the United States and is considering filing for insolvency in the United Kingdom.
Cineworld reportedly had a net debt of approximately US$5 billion by the end of 2021.