Claims by class
The claims register a recovery is built on.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: claims by class.Updated 1 October 2026
Part of credit and restructuring models, with the models, labs and guides around it.
What it does
Every claim against the company at the filing date, grouped into the classes a plan will treat alike and listed in the order they are paid. New money from the DIP facility and administrative claims come first; secured classes follow with principal plus accrued interest, in lien order; then the unsecured notes, general unsecured claims such as trade payables, rejected leases and litigation, and debt contractually subordinated to the senior notes. Total claims against value is the first number in any restructuring.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Claims, rows 5–6: DIP facility: new money, super-priority (size it from the 13-week shortfall), Administrative and priority claims: professional fees, priority taxes, recent suppliers
- Claims, rows 9–15: First lien revolver, First lien term loan, First lien accrued interest, First lien claim…
- Claims, rows 18–22: Senior unsecured notes, with accrued interest, General unsecured claims: trade, rejected leases, litigation, Subordinated notes, with accrued interest (subordinated to the senior notes), Total claims…
What a reviewer looks for
- Claims at face value without accrued interest to the filing date.
- Rejected lease and litigation claims left out of general unsecured claims.
- The revolver at its drawn balance before the filing rather than at filing.
Learn it, then build it
Vocabulary: Debtor-in-Possession (DIP) Financing, Second Lien, Contractual Subordination.