Unsecured CreditorChapter 11 bankruptcy court will grant these motionsday motions i ID: 486868
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claim (subject to many caveats, which wewonÕt discuss here).Creditor in Chapter 11Conversely, all other creditors aredependent on unencumbered assets of anestate for payment. The priority for paymentof these claims is generally as follows: first,costs of administration (includingprofessional fees and expenses and post-petition expenses of operating the debtorÕsbusiness), followed by a host of unsecuredclaims that Congress has determined deservea special high priority (again, seesee,¤503), and finally general unsecuredpre-petition obligations. By virtue of their !"!#$ %& & $' Unsecured CreditorChapter 11 bankruptcy court will grant these motionsday motions is the debtorÕs request to use Ayer, J., Bernstein, M. and Friedland, J., ÒWhat Every In the near future, this column will feature a more in-depth discussionof chapter 11 financing. !"!#$ %& & $' to the debtorÕs first-day motions and generalintentions for the restructuring. As theÒwatchdogÓ for the debtorÕs creditors, theUST is often helpful in providinginformation to creditors that might otherwisebe difficult to decipher from the casedocuments themselves. This is importantbecause, in most cases, many of the first-daymotions will have already been heard beforeyouÕve been able to serve out your Rule2002 request.In addition, not long after the casebegins there will be an opportunity to meetwith an attorney for the UST at the initialand/or ¤341 meetings of creditors. At eachof these meetings, the UST will providegeneral details regarding the chapter 11 heard on any issue in the bankruptcy case, Protecting/Collecting Your Claimdebtor is required to send notice of the source of liquidity for creditors that are companyÕs revenue, it would be prudent toReprinted with permission from the Vol. XXIII, No. 4, May 2004.multi-disciplinary, non-partisan orga-ABI has more than 10,000 members,representing all facets of the insolvencyfield. For more information, visit ABIWorld at www.abiworld.org. !"!#$ %& & $' 4Ayer, J., Bernstein, M., and Friedland, J., ÒOverview of AvoidanceActions,Ó ABI J. 26-27, 56-57 (March 2004) (discussing the particularmechanics and issues related to preferences and other bankruptcyavoidance actions). source of liquidity for creditors that are Reprinted with permission from the Vol. XXIII, No. 5, June 2004.multi-disciplinary, non-partisan orga-ABI has more than 10,000 members,representing all facets of the insolvencyfield. For more information, visit ABIWorld at www.abiworld.org. !"!#$ %& & $'