“In the era of the iPhone, businesses that are struggling to survive turn to a bankruptcy process that was invented during the time of typewriters.

The 34-year-old Bankruptcy Code, which has endured with only minimal and largely consumer-related tweaks, doesn’t fit the modern and complex business world, and industry professionals are beginning to call for a rebalancing of the rules in a way that could make it easier for companies to use the Chapter 11 process to stay alive and save jobs.” – Katy Stech | WSJ

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