Juul Labs Inc. is in talks with two of its biggest investors on a bailout that could help the e-cigarette maker stave off a bankruptcy filing, according to people familiar with the matter.

Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani are considering putting up money to cover the vaping companys operations and near-term legal liabilities, the people said. Messrs. Pritzker and Valani were early investors in Juul, have been longtime directors and are among the companys largest shareholders.