Macy Reorganization Plan May Fuel Federated Takeover : Retailing: Analysts say some debt holders may seek a better offer.

R.H. Macy & Co. unveiled a reorganization plan Wednesday for the famous retailer’s emergence from bankruptcy next year that could fuel further unwelcome takeover overtures from rival Federated Department Stores.

Some analysts said the controversial plan, which faces a potentially protracted review by Macy’s many creditors, could spark some unhappy debt holders to ask the court-appointed bankruptcy mediator to solicit a better offer from Federated.

Kurt Barnard, New York-based publisher of Barnard’s Retail Marketing Report, said Federated has the financial resources to offer creditors higher payment in exchange for control of the parent of the Macy’s, Bullock’s and I. Magnin store chains.

The plan from Macy’s directors presented Wednesday to creditors proposed repaying $3.6 billion of the company’s nearly $6 billion in debt upon emerging from bankruptcy next year, with an additional $500-million payment in 1997. Macy’s filed for bankruptcy protection in January, 1992.

Before emerging from bankruptcy, Macy’s must reach agreement with creditors on the value of its retail operations and negotiate the level of compensation or equity that creditors and bond holders will receive in exchange for forgiving debt.

As expected, the plan calls for Federated, which earlier this year purchased a substantial secured bankruptcy claim against Macy’s from Prudential Insurance Co. of America, to be repaid in full. The retailer is making a special effort to woo secured creditors--those with debt backed by collateral--because those debt holders could push the retailer to consider a bid from Federated if the negotiations or repayment fail.