Contrary to the public imagination, bankruptcy courts are not where businesses go to die. In fact, there is potential for creativity and rebirth in Chapter 11, the uniquely American law for corporate reorganizations.
“Most countries just liquidate companies,” said Richard Gitlin, a bankruptcy lawyer specializing in international debt restructurings who has worked with Mr. Alix in the past. “We are the best at restructuring the resources, taking the good part of the business, adding professional management and making it profitable.”
— Read on www.nytimes.com/2019/04/11/business/jay-alix-mckinsey-bankruptcy.html
*Really interesting article. The snippet above is just one of many interesting sections of this article.