NEW YORK — R.H. Macy & Co. reportedly has reached an agreement with a group of unsecured creditors, putting a value on Macy’s that could hit $3.9 billion.

The agreement is part of Macy’s revised reorganization plan that is expected to be submitted at 10 a.m. today to Cyrus R. Vance, the court-appointed mediator in the retail giant’s bankruptcy case.

The plan reportedly puts a basic value of $3.5 billion on Macy’s, with contingency payments such as rights and warrants made available to creditors. These payments would give the holder of the warrants the option of buying Macy stock at a fixed price. These contingencies could push the value of Macy’s up to $3.9 billion.

According to sources, the revised plan was worked out with unsecured creditors at a meeting Thursday afternoon. That agreement lifts the take for trade creditors from 20 cents on the dollar to about 25 cents. Part of the payout will be in stock.

With a number of Macy’s board members and the bondholders’ committee strongly opposed to any valuation below $4 billion, the new proposal still has some hurdles to pass before it becomes final.

Myron Ullman, Macy’s chief executive officer, could not be reached for comment.

Federated Department Stores, which is seeking to merge with Macy’s, is also scheduled to submit its own reorganization plan to Vance today.

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