The June issue of The Journal of Corporate Renewal carries an article about the why Chapter 11 is so different now than it was 10, 20, and even 30 years ago – and how it has irreparably changed.
 
There are numerous reasons, but the major issues outlined in the article are the LaSalle decision from 1999 (putting every company that files Chapter 11 in play), revised Article 9 (enacted in 2001 across the country and making it much harder to avoid secured liens in bankruptcy), the 2005 amendments to the Bankruptcy Code, and the changes to the financing market. Here’s a link to the article http://www.tmajcr.org/journalofcorporaterenewal/june_2013#pg30, which invites readers to post comments here on this blog.  So, is Chapter 11 irreparably changed, and has it become a blunt instrument for helping reorganize struggling companies?