Canadian movie theater chain Cineplex Inc. has approached lenders to its bankrupt rival Cineworld Group PLC about reviving a potential merger with the U.K. company’s Regal Entertainment Group franchise, according to people familiar with the matter.

Cineplex has started early talks with Cineworld’s lenders about taking over the company’s U.S.-based Regal movie theater chain and handing them debt and stock backed by the merged business in return, these people said.