AMC Entertainment Holdings Inc. has warned that it could run out of money by the end of this year or early next year owing to the ongoing pandemic, according to a Bloomberg report.

On Tuesday, the world’s largest theatre chain said that liquidity will be largely depleted because of the reduced slate of movies in the fourth quarter and no significant rise in movie attendance.

AMC is even exploring actions that include asset sales and joint ventures. Meanwhile, their shares have sunk to the lowest since April.

As per reports, AMC said it has resumed operations at just under 500 of its 598 US theaters with limited capacity and adjusted operating hours to align costs with attendance levels for each theater.

The company said it has two ways out of its cash crunch: Either more customers need to buy tickets or it will have to find new ways to borrow money.

In the current scenario, cinema chains are facing a chicken-and-egg situation with no absolute solution in the near future. While restrictions on hall capacity and audiences’ fright keep theaters largely vacant, studios are delaying most of their major film releases into 2021 and beyond, which in turn gives consumers less reason to buy tickets.

“Bankruptcy is an almost foregone conclusion,” CreditSights analyst Matt Zloto said in an interview with Bloomberg. “The writing is on the wall.”

“Unless you can isolate the risks for a new equity investor, it would be challenging to see a sophisticated investor get involved when the liquidity picture looks so bleak,” Zloto said.

Asset sales might be a more profitable avenue for the company if it can garner interest in theaters located in a specific country or region, he added.