近年来全球经济复杂多变，叠加新冠疫情影响，越来越多的企业面临经营和财务困境。在此背景下，破产重整通过挽救财务困境企业，贯彻落实六稳六保政策，促进改善营商环境和优化资源配置，实现国民经济可持续发展和社会稳定。破产重整制度的建立和完善，涉及到股东、债权人、战略投资人等利益相关方的妥协与博弈，是事关资本市场安全和社会稳定的系统工程，对法制化、市场化经济秩序的建立和发展具有重大意义。海航集团的破产重整案例有其突出的特点和创新性，对万亿级别债务体量的法制化、市场化的风险处置的进行了尝试和探索，在重整方案设计、债务抵偿方式以及引入信托计划等方面提供了一个经典范例，并有着相当的理论探讨价值和实务参考意义。本文首先通过理论梳理及文献研究，对破产重整、和解和清算的定义进行了界定和区分，阐述了破产重整的程序、模式分类和理论基础。其次，通过统计公开数据，整理了我国企业尤其是上市公司的破产重整现状。同时，以海航集团作为研究案例，从其发展历程、重整模式和过程等方面对海航集团如何化解困境和风险进行了具体的描述。再次，在对其破产重整的原因和价值分析的基础上，本文重点对海航集团破产重整的基本模式和具体措施做出了详细的剖析，并运用事件分析法和财务分析法等多种方式对其破产重整的市场和财务绩效以及对利益相关者的影响进行了综合评价。最后，通过总结海航集团破产重整带来的启示，为如何妥善处置破产企业的债务危机，防范和化解金融风险，最大程度保护企业及债权人、员工等相关者的利益，提出了可供参考的建议。

In recent years, the global economy has been complex and changeable, and more and more enterprises are facing operational and financial difficulties due to the impact of the new coronavirus epidemic. In this context, bankruptcy reorganization promotes the improvement of the business environment and the optimization of resource allocation by saving financially distressed enterprises, implementing ensuring stability on the six fronts and security in the six areas, and achieving sustainable economic development and social stability. The establishment and improvement of the bankruptcy reorganization system involves the compromise and game of stakeholders such as shareholders, creditors, and strategic investors. It is a systematic project related to capital market security and social stability, and is of great significance to the establishment and development of the legal and market-oriented economic order. The bankruptcy reorganization case of HNA Group has its outstanding characteristics and innovation. It has tried and explored the legal and market-oriented risk disposal of trillion-level debt volume. It provides a classic example in the design of reorganization scheme, debt repayment method and the introduction of trust plan, and has considerable theoretical discussion value and practical reference significance. Firstly, through theoretical combing and literature research, this paper defines and distinguishes the definitions of bankruptcy reorganization, reconciliation and liquidation, and expounds the procedures, mode classification and theoretical basis of bankruptcy reorganization. Secondly, through the statistical public data, the current situation of bankruptcy reorganization of Chinese companies, especially listed companies, is sorted out. At the same time, taking HNA Group as a research case, this paper describes how HNA Group can resolve difficulties and risks from its development process, reorganization mode and reorganization process. Thirdly, based on the analysis of the reasons and value of its bankruptcy reorganization, this paper focuses on the basic mode and specific measures of HNA Group ‘s bankruptcy reorganization., and uses event analysis and financial analysis to comprehensively evaluate the market and financial performance of its bankruptcy reorganization and its impact on stakeholders. Finally, by summarizing the enlightenment brought by the bankruptcy reorganization of HNA Group, how to properly handle the debt crisis of bankrupt enterprises.