NEW YORK -- Directors of R.H. Macy & Co. reportedly moved closer to resolving sharp differences on how to revise the company's reorganization plan at a board meeting on Tuesday, and may be close to agreeing on a higher valuation for the chain.

The stage is now set for a more crucial board meeting Thursday, when Macy's management will present the board with its revised plan, known as a term sheet. Sources, however, cautioned that things could still change.

On Friday, Macy's is scheduled to submit a plan to Cyrus R. Vance, the court-appointed mediator in Macy's Chapter 11 case. Federated Department Stores Inc., which is seeking to merge with Macy's, is also expected to submit a plan for reorganization.

On Monday, Macy's bondholders' committee said it would oppose any reorganization plan valuing Macy's under $4 billion.

Meanwhile, on Tuesday, one source said the most dissonant member of the board, Laurence Tisch, may be softening his position, following a meeting with Vance last Friday and after getting an indication that the company would be valued higher. Tisch might no longer be threatening to launch his own bid for Macy's.

Myron E. Ullman, chairman and chief executive officer of Macy's, reportedly has disagreed with Tisch and two other dissonant members of the board on how high to value Macy's. The original plan set the value at $3.6 billion with the chance of an additional $500 million if Macy's shares trade up. Macy's declined to comment, and Tisch was not available for comment.

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