A revised offer for American Apparel is expected in the coming days as negotiations continue on a possible deal to buy the company by a group affiliated with Dov Charney.

Hagan Capital Group managing partner Chad Hagan confirmed today that negotiations continue. Hagan Capital is one of the investors in the group seeking to buy the company.

A source close to the matter, requesting anonymity because of the ongoing talks, said a new offer will be submitted, although what shape that proposal may take is up in the air and could involve replacing the existing debtor-in-possession financing with an entirely new facility. If a new offer is submitted, it will have to be done before a Jan. 20 hearing in which a bankruptcy court judge will rule on the company’s reorganization plan, among a raft of other matters.

At least two sources close to the talks have complained about the marketing process for a sale of the company, criticizing the lack of time in which potential bidders had to conduct due diligence and close a deal, along with the actual negotiations in which extracting what terms would be attractive to the company have been hard to come by.

American Apparel, for its part, said in a court filing today that it ran “a robust marketing process” involving “months of hard-fought negotiations.” The company’s adviser reached out to 59 interested parties, according to the filing, and four nondisclosure agreements were signed to gain access to the company’s data room for diligence.

A report surfaced late Thursday that the $300 million bid, up from an initial $235 million offer from Hagan Capital and Silver Creek, was rejected. That was confirmed in American Apparel’s filing today in which it called the two offers from the Hagan-Silver Creek group “not actionable” and “not superior” to a reorganization plan that has received support from most creditors — except, of course, Charney.

The company’s filing was in response to a recent objection and motion by the American Apparel founder seeking to have a judge strike the company’s request to extend a period of exclusivity that would block any competing plans from entering the picture.

The company added in its response that “additional time” would not change the fact that its plan is the superior option for the company and creditors. It also appeared to express its impatience with tactics that would stall its ability to push its plan through and emerge from bankruptcy to avoid losing its debtor-in-possession financing.

“Moreover, Mr. Charney, who has been intimately familiar with the company since inception, likely does not need more time for further due diligence,” the company said in its response.

The Hagan-Silver Creek group deal would place Charney back into a leadership role at American Apparel, something he has been angling to do since his ouster in late 2014 for what the company cited as violations to his employment agreement. Charney has alleged now in numerous lawsuits that the board committed proxy fraud and that his firing was a scheme to remove him from the company in an effort to sell it.

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