A liability insurer liable on claims against the debtor is a “party in interest” that is entitled to raise and have heard its objections to the debtor’s Chapter 11 plan under 11 USC 1109(b). The Bankruptcy Code uses party in interest to broadly cover anyone whose interests might be adversely affected by a Chapter 11 plan. The legislative history shows that the provision purpose was to encourage broad participation in review of proposed Chapter 11 plans to help avoid plans that unduly favor the debtor’s owners. Party in interest status is determined by the effect a Chapter 11 plan might have on the party’s interests, not by the actual effect of a particular proposed plan. So, an insurer is still a party in interest even if the particular Chapter 11 is “insurance neutral”–that is, not altering the insurer’s pre-bankruptcy rights or obligations. “Insurance neutrality” confuses standing (party in interest status) with merits (whether the plan improperly alters obligations).