2025年是“十四五”规划收官之年，也是深入贯彻《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（下称“《决定》”）进一步全面深化改革的重要一年。《决定》指出：“健全企业破产机制，探索建立个人破产制度，推进企业注销配套改革，完善企业退出制度。健全社会信用体系和监管制度。”在《决定》的指引下，2025年国内围绕破产制度的立法、司法亮点纷呈，市场主体运用破产制度纾困、退出、权利维护的实践更加深入和丰富，破产重整制度在加强营商环境建设、促进民营经济发展、防范化解重大风险、增进人民福祉等方面都发挥了重要作用。值此新旧更替之际，本文试图梳理和总结2025年中国公司破产重整实务情况并展望2026年的发展态势，以求教于同仁。

一、概览

上市公司重整是重整领域的风向标，由于其衔接了资本市场和破产制度两大重要领域，且上市公司具有公众性、公开性和稀缺性等特点，因此受到了广泛的关注，可谓是重整皇冠上的一颗明珠。自《中华人民共和国企业破产法》实施至今，共计103家上市公司实施了重整，其中最近四年的重整案例数量占据了总量的半壁江山并呈现出新的特点，同时亦产生诸多前沿法律问题并在一定程度上推动了现行重整制度和证券监管政策的变革和调整。

一、近年上市公司重整所呈现的特点

1. 顶层政策明确支持。2020年，国务院在《关于进一步提高上市公司质量的意见》中，明确提出“支持上市公司通过并购重组、破产重整等方式出清风险”。在实务中，近年来证监会对上市公司重整受理的审查政策适度宽松。主要表现在证监会对于上市公司违规担保、资金占用等问题，有条件地允许其在重整程序之中解决，而此前证监会原则上要求上市公司在进入重整前解决此类问题，致使很多存在违规问题的上市公司对重整脱困之路只能“望洋兴叹”。

The economic fallout from the COVID-19 pandemic will leave in its wake a significant increase in commercial chapter 11 filings. Many of these cases will feature extensive litigation involving breach of contract claims, business interruption insurance disputes, and common law causes of action based on novel interpretations of long-standing legal doctrines such as force majeure.

U.S. Bankruptcy Judge Dennis Montali recently ruled in the Chapter 11 case of Pacific Gas & Electric (“PG&E”) that the Federal Energy Regulatory Commission (“FERC”) has no jurisdiction to interfere with the ability of a bankrupt power utility company to reject power purchase agreements (“PPAs”).

The Supreme Court this week resolved a long-standing open issue regarding the treatment of trademark license rights in bankruptcy proceedings. The Court ruled in favor of Mission Products, a licensee under a trademark license agreement that had been rejected in the chapter 11 case of Tempnology, the debtor-licensor, determining that the rejection constituted a breach of the agreement but did not rescind it.

Few issues in bankruptcy create as much contention as disputes regarding the right of setoff. This was recently highlighted by a decision in the chapter 11 case of Orexigen Therapeutics in the District of Delaware.

The judicial power of the United States is vested in courts created under Article III of the Constitution. However, Congress created the current bankruptcy court system over 40 years ago pursuant to Article I of the Constitution rather than under Article III.

Southeastern Grocers (operator of the Winn-Dixie, Bi Lo and Harvey’s supermarket chains) recently completed a successful restructuring of its balance sheet through a “prepackaged” chapter 11 case in the District of Delaware. As part of the deal with the holders of its unsecured bonds, the company agreed that under the plan of reorganization it would pay in cash the fees and expenses of the trustee for the indenture under which the unsecured bonds were issued.

The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc. has appropriately drawn significant attention.

The Supreme Court recently heard arguments in a patent dispute case, Oil States Energy Services, LLC v. Greene’s Energy Group, LLC. Although the case has nothing to do with bankruptcy law, its outcome could have a substantial impact on bankruptcy practice and litigation.