The Wall Street Journal (subscription required) reports that the Ground Round Franchisee Council, which comprises owners of 73 Ground Round Restaurants, has submitted a bid of $4.85 million cash to the bankruptcy court in Boston to buy the chain's franchise rights. The bid, which competes with US Restaurant Properties Inc.'s bid of $6.5 million, includes a waiver of $40 million in claims against the franchisor.
Posted by franchiselawblog at June 29, 2004 04:55 PM