The Zhitong Finance App learned that Cineworld Group (CNNWF.US), the world's second-largest cinema operator, said on Monday that it would terminate the sale process of its US, UK and Ireland business because it was unable to find an all-cash buyer, and at the same time reached a conditional agreement with the bank to exit the bankruptcy process.

The global company, which is protected by Chapter 11 of the US Bankruptcy Code, said it will continue to consider proposals to sell its “Rest of the World (Rest of World)” business (including businesses outside of the US, the UK and Ireland).

Also, according to a court document filed last Sunday, Cineworld plans to raise $2.26 billion to exit bankruptcy proceedings in the first half of 2023.

Mooky Greidinger, CEO of Cineworld, said in a statement: “The agreement with our lenders represents a 'vote of confidence' in our business and has greatly contributed to Cineworld's long-term strategy in an ever-changing entertainment environment.”

According to information, in September of last year, Cineworld filed a bankruptcy protection application in the Southern District Court of Texas. The reason was that the number of movie theater viewers was slow to recover and failed to meet the company's capital requirements, and its debt exceeded 5 billion US dollars.