Diddy Wants to Buy Back Sean John Brand Out of Bankruptcy

Diddy is swooping in to try to save his namesake brand ... and he's got grand plans to breathe life back into Sean John.

According to new legal docs obtained by TMZ ... the music and fashion mogul's company recently bid $3.3 million to buy the clothing line's assets out of bankruptcy.

Diddy founded the fashion and lifestyle brand way back in 1998, but as it stands now, the brand management firm, GBG USA Inc., which owns 90% of Sean John, is currently in bankruptcy.

The company has reportedly been looking for someone to come in and buy the brand since May ... and now Diddy is stepping up and looking to be the winning bidder.

Sources close to Diddy tell TMZ ... he is very excited about the prospect of reacquiring Sean John and if successful, he plans to reinvigorate the brand.