It's a trap. The problem with those old codebases that governments, hospitals, big businesses are struggling with is not really the language, it's the engineering practices of that time with regards to constraints of old technology. The language is not the problem - lack of comments, bad variable naming, bad structure (little or no procedures or readability), and just sheer volume of it, is. It would be very interest…
If you don't get the right people, the rewrite would be an overengineered object oriented nightmare with an endless stream of bugs.