NEW YORK -- Despite dissension on its board, R.H. Macy & Co. said Tuesday it will submit a revised plan of reorganization on April 29, as scheduled, and that most board members still back the "principles" of its $3.6 billion term sheet submitted...
NEW YORK -- Despite dissension on its board, R.H. Macy & Co. said Tuesday it will submit a revised plan of reorganization on April 29, as scheduled, and that most board members still back the "principles" of its $3.6 billion term sheet submitted on March 23.
The deeply divided Macy's board met April 18 with a minority dissident group still arguing that the $3.6 billion valuation was too low. No vote was taken Monday on the revised plan, and the dissident members promised to press for a higher valuation. Sources said a vote had never been on Monday's agenda.
Macy's announcement Tuesday, however, was a move to dispel perceptions that the board was mired in disagreements and unable to proceed with revising the plan.
"We recognize that in a process such as this, there will be differing points of view," Myron E. Ullman, Macy's chairman and chief executive officer, said in a statement.
"However, it is our responsibility to develop a plan that, in Macy's best interests, has the substantial likelihood of being confirmed by the Bankruptcy Court and, as a result, provides a fair recovery to each creditor group."
The dissident board members include Laurence Tisch, Louis Page and Harold Williams.
A source said they have scheduled a meeting with court-appointed mediator Cyrus R. Vance for Thursday. An attorney for Vance declined comment.
Last week, Vance allowed Federated Department Stores, which is seeking to merge with Macy's, to submit a competing proposal and begin negotiations with Macy's creditors on April 29.
At the same time, Vance issued a request that Macy's submit its own revised proposal.
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