Sansedoni Siena Debt Restructuring
Sansedoni Siena, one of the major companies in the Italian real estate sector and a large entity burdened with too much debt, has undergone a complex debt restructuring. Sviluppo Interventi Immobiliari (SII), a subsidiary 100% owned by Sansedoni was engaged in a partly-completed development project near Rome which the company was unable to finish. Due to intercompany agreements, loans and potential liabilities towards creditors and third parties (including the first round of buyers, who were expecting service to their units), the management of Sansedoni decided to have a separate law firm representing SII in the complex restructuring and selected Studio Legale Stanghellini e Associati to represent them.
The partners involved in the restructuring of SII included lead partner Lorenzo Stanghellini, Tommaso Ariani, who led the transaction, Lorenzo Scarpelli and Giacomo Bei. The main area of specialisation was restructuring and insolvency law (the transaction was a fully consensual out-of-court restructuring); however, real estate, procurement and contract law also came into play to complete the deal.
Lorenzo Stanghellini commented:
We found it very enjoyable to work with the lawyers from Sansedoni (Legance), the lawyers representing SII’s lending institutions (Bonelli Erede), with whom we had worked before, and with the accountants that certified in court, pursuant to Art. 182-bis of Italian Bankruptcy Act, the accounts and the feasibility of the plan. Overall, being involved in the restructuring process was a very productive experience.