The company, which also owns the Picturehouse chain in the UK, is struggling under $5bn worth of debt.
Like other cinema chains, Cineworld was hit hard by the pandemic.
Cineworld recently said post-Covid customers levels were lower than expected and blamed "limited" film releases.
The Wall Street Journal reported that Cineworld is preparing to file for bankruptcy, sending its share price tumbling.
Cineworld has been contacted for comment.