Top-Flite Golf Co. received bankruptcy court permission last week to use cash that is collateral for secured debt to fund its Chapter 11 restructuring. The company’s unsecured creditors has challenged the company’s move to use the collateral, contending that too little money was set aside from the cash budget to pay lawyers and financial advisers representing the creditors.

According to the committee, Top-Flite Golf has set aside only $150,000 over the 13-week period through September for the creditors' legal fees while allotting $1.5 million for itself and a further $825,000 for its financial.

Top-Flite is estimated to spend $57.1 million through September, including $12.9 million in fees for lawyers, financial advisers and investment bankers. The approved budget also calls for payroll and benefits payments of $16.4 million, severance payments of $5.1 million and retention payments of $2.0 million.