I had this problem years ago with a Coldfire.... what I did then was to generate SCL pulses until SDA became high (normally up to 8 bits is sufficient). Then generate a STOP condition.
Consider yourself lucky, because that Coldire I was working with that time didn't have a GPIO option on the I2C module's SCL/SDA pin and the I2C controller didn't support freeing the bus, so a HW mod (solder GPIOs to SCL SDA was required.
Henko