GS Acquisitions, a group that included golfer Phil Mickelson, has dropped its bid for SouthEast Waffles, the largest independent franchisee of Waffle House restaurants.
The move leaves Norcoss-based Waffle House, the parent company of the chain, with the only active bid. SouthEast Waffles, a Nashville franchisee that operates 105 outlets, filed for bankruptcy last year.
GS Acquisitions offered to buy the assets for $20.2 million as part of a reorganization plan submitted by SouthEast Waffles. That plan was withdrawn Monday.
Waffle House objected to the plan. The unsecured creditors committee also notified GS last week that it would not be supporting the plan and asked that the plan be dropped, according to Gary Murphey, the court-appointed chief restructuring officer.
Waffle House has offered $21.4 million for SouthEast Waffles. MNM Waffles, a Nashville company that also had expressed interest, withdrew its bid last week.
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