FEDERATED/MACY'S WOULD PAY MACY'S UNSECURED CREDITORS $100 MIL. IN CASH
This article was originally published in The Rose Sheet
Executive Summary
FEDERATED/MACY'S WOULD PAY MACY'S UNSECURED CREDITORS $100 MIL. IN CASH and a pro rata 3.7% share of the combined company's common stock valued at $50 mil. under the firms' proposed joint plan of reorganization for R. H. Macy & Co., filed on July 29 in the U.S. Bankruptcy Court for the Southern District of New York. The unsecured creditors, which are owed about $400 mil., are mostly trade vendors and include Estee Lauder, Leslie Fay, Cosmair, Unilever, Chanel, Liz Claiborne and Sara Lee.