Pinsent Masons, acting on behalf of Novo Banco, has successfully challenged an $850m claim brought by Goldman Sachs International and a group of investors in the English courts.

The decision, handed down in the Court of Appeal this morning, saw three judges overturn a High Court ruling made in August 2015.

Novo Banco is a bank created in August 2014 in the wake of the collapse of Banco Espirito Santo ('BES') by the Portuguese Central Bank, the Bank of Portugal, using its resolution powers under the EU Bank Recovery and Resolution Directive.

Norton Rose Fulbright has advised Willis Lease Finance Corporation on the purchase of the consulting and asset management business of TES Aviation Group by way of a pre-pack administration sale.

Noerr has advised the financing bank consortium on the acquisition of a majority stake in Betten Duscher Group by the investment company Odewald KMU. DZ BANK AG, Bremer Kreditbank AG and BHF-Bank AG belong to the consortium.

Cravath represented the initial purchasers, Deutsche Bank, UniCredit Bank, Goldman Sachs International and BNP Paribas, in connection with the EU570 million 144A/Reg. S high-yield senior secured fixed and floating rate debt offering of SNAI S.p.A., a leader in the Italian gaming and betting market. The notes are listed on the Luxembourg Stock Exchange. The transaction closed on November 7, 2016.

The Cravath team included partner Philip J. Boeckman and associates Paolo Bernasconi, Giorgio Ignazzi and Maurio A. Fiore.

Caixabank has completed the sale of two nonperforming loan portfolios to international investment funds specialized in managing this type of assets.

The loan package is mostly made of real estate debt. The banking institution continues with its process of divestment from toxic assets and nonperforming loans related to the real estate sector.

Squire Patton Boggs has advised the global coordinators and underwriters Kotak Mahindra, Axis Capital, CLSA and Yes Securities, as US counsel, on the Rule 144A US$175 million initial public offering by Varun Beverages Limited. Varun Beverages, which belongs to the RK Jaipuria group, is the largest franchisee of carbonated and non-carbonated beverages for PepsiCo outside the US. The RK Jaipuria group is a diversified conglomerate with interests in food and beverages, including fast food chains.

DLA Piper has advised HSBC France and Standard Chartered Bank (as lenders) in respect of their USD 500 million letter of credit issuance facility made available to the Ghana state oil company, Ghana National Petroleum Corporation (GNPC). The letter of credit facility will support GNPC's role in the development of the Sankofa Gas Project in Ghana.

Linklaters has advised Bank of China on the establishment of its US$5bn China Covered Note Programme and the initial offering by Bank of China London Branch of US$500m China Green Covered Bonds due 2019 to be listed on the London Stock Exchange (the “Notes”).

Paris - Mayer Brown avised the Frankfurt branch of BNP Paribas on the extension of the Allgäu Center Parcs located in Baden-Württemberg, Germany.

La Française Real Estate Partners (REP) acquired, from the Pierre et Vacances group, for French institutional investors, the extension which will include 250 luxury cottages over an area of 2,500 sq.m. featuring a spa, restaurants, shops and play areas.

The Mayer Brown team advising BNP Paribas on the finance aspects included :

* In France : Privat Vigand (partner) and Diane Le Chevallier

Watson Farley & Williams (“WFW”) advised a consortium of banks on the financial restructuring of the 5 MW Inverland photovoltaic plant at Valdecaballeros in Badajoz, Spain. Inverland, which is owned by Abraxa, comprises 50 plants with an installed capacity of 100 KW each.

The consortium of banks consisted of Bank of America Merrill Lynch, Germany’s Portigon Financial Services (successor to WestLB AG) and Dexia Sabadell, a joint venture between the Franco-Belgian Dexia Group and Sabadell, Spain’s fifth largest banking group.