If it was necessary to provide urgently needed cash (or liquidity) to enable the business of an insolvent corporate borrower to survive, how could a financier who was willing to provide this "new money" be protected and given priority over other existing creditors?

Agreement as to superiority must be executed among all other creditors. But the validity of such agreement is not certain under the formal bankruptcy procedure. So itmay be difficult to protect a financier who was willing to provide the "new money" without security rights.