Cineworld has announced it has stopped the sale of its UK and US cinemas.

It comes after the troubled cinema chain, which has sites in Rochester, Ashford and Dover, filed for bankruptcy last year.

It is aiming to raise £1.8million in funding as part of a plan to exit bankruptcy and terminate a planned sale of its US, UK and Irish businesses.

Earlier this year, Cineworld, which also owns the Picturehouse chain in the UK, launched a process to find a potential buyer.

However, after struggling to find an acceptable offer, it said it will now halt the potential sale efforts for the businesses in the UK, US and Ireland.

It will however continue with an auction for its operations outside of these countries.

Cineworld has now said it will restructure its roughly five billion dollar debt pile in order to emerge from the Chapter 11 bankruptcy during the first half of 2023.

The financial restructuring will involve lenders providing around £1.2 billion in new credit, as well as £651 million of equity to the lenders.

Chief executive Mooky Greidinger said: “This agreement with our lenders represents a ‘vote-of-confidence’ in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment.

“With a growing slate of blockbusters and audiences returning to cinemas in increasing numbers, Cineworld is poised to continue offering moviegoers the most immersive cinema experiences and maintain its position as the ‘best place to watch a movie’.”

The group said it will continue to trade as “business as usual” throughout the financial restructuring process.

Cineworld’s shares have plunged almost 99% over the past five years, as it was hit particularly hard by the pandemic, which led to the enforced closure of its cinema sites.

The business has posted significant losses since and has also come under pressure from growth in streaming services.