Cineworld is looking at a company voluntary arrangement, an insolvency process used to cut costs, as part of its talks with lenders to gain access to capital, the Financial Times has reported.

The newspaper citied three sources close to the negotiations. 

The world's second-largest cinema chain is also considering slashing rents and permanently closing UK cinemas after lockdown restrictions and a lack of blockbuster films caused business to collapse, the FT reported. 

The company last month temporarily shut its US, UK and Irish operations, leaving 45,000 people unemployed for the foreseeable future.