Norman Pernick leads the Wilmington, DE office of Cole Schotz and is co-chair of the Bankruptcy & Corporate Restructuring Department. With almost thirty-five years of experience, Norm has earned a national reputation in the bankruptcy and workout arena, focusing on mid- to large-sized Chapter 11 public and privately-held debtor-side representations, as well as creditors’ committees, major creditors, management, boards of directors, and trustees. For the last fifteen years, he has received the highest praise by his peers and clients alike in Chambers USA as “a brilliant strategist” and “gifted problem solver” with a “breathtakingly effective ability to bring people together to get a deal done,” and for “his practical businesslike approach, fine negotiation skills, strong sense of integrity, and results-oriented, savvy style.”
Norm is very active in the Wilmington community and chairs the Board of Directors of Downtown Visions. Downtown Visions is an umbrella organization for a community-wide effort to revitalize downtown. Norm is also a founding member and first board chair of the Wilmington Main Street program. This program is accredited by the National Trust for Historic Preservation and is the largest Main Street program in the country.
Norm has served as a trusted advisor, strategist, and either lead or substantive co-counsel in numerous notable Chapter 11 cases including:
- American Laser Skincare – lead counsel to the Chapter 7 trustee in liquidating a beauty treatment chain with 135 stores operating in 29 states with approximately $100 million in annual revenue.
- Barzel Industries – lead debtor’s counsel for metal processing company in the successful sale of its business and wind down of its affairs. As of the date of the filing, Barzel listed assets of $366 million and liabilities of $385 million and operated 16 metal processing, manufacturing and distribution facilities that serviced the North American, Latin American and European markets.
- BNA Subsidiaries – lead debtor’s counsel for a leading provider of newsletters, research reports and professional events targeted to business and government professionals.
- Cadence Innovation – lead Chapter 11 debtor’s counsel for automotive supplier of parts, modules and systems to GM, Chrysler and Volkswagen.
- Eastern Outfitters, LLC – debtors co-counsel to a regional multi-channel retailer engaged in the apparel, footwear, and sporting goods lines of business. The debtors operated 86 retail stores and employed approximately 2600 employees. Eastern Outfitters entered Chapter 11 with SportsDirect, the holder of the debtors’ second lien debt and the United Kingdom’s largest sporting goods retailer, as the Stalking Horse Bidder and eventual successful purchaser.
- Energy Future Intermediate Holdings, et al. – co-counsel to Delaware Trust Company as indenture trustee for holders of $3.5 billion of first lien notes. EFIH is one of the 10 largest bankruptcies filed since 1980.
- Fedders Corporation - lead debtor’s counsel for global manufacturer of residential and commercial air treatment products with $300 million in annual sales. Accomplished sale of five major going concern businesses and the confirmation of a Chapter 11 plan within one year of the bankruptcy filing.
- Fresh & Easy – lead Chapter 11 debtor’s counsel to an operator of retail grocery stores. Commenced store closing sales resulting in significant proceeds for the estates and successfully disposed of more than 100 leased locations. Objected to PACA/PASA claims and 503(b)(9) claims, defended and resolved litigation alleging violations of the WARN Act, and participated in mediation with the Committee resulting in multi-million dollar settlement that was memorialized in a confirmed plan and wound-down through a liquidating trust.
- J.G. Wentworth - lead debtor’s counsel for the nation’s leading purchaser of structured settlements and annuities in its “prepackaged” Chapter 11 case, believed to be one of the fastest prepackaged Chapter 11 reorganization cases on record in the United States. The company’s stay in bankruptcy lasted just under two weeks.
- Leslie Controls – lead debtor’s counsel for a unit of publicly-held CIRCOR International, Inc., in its successful restructuring of asbestos personal injury liabilities.
- Money Centers of America, Inc., et al. - co-counsel to Chapter 11 Trustee. The debtors provided financial technology and payments services for land-based gaming operators in the United States, claiming assets of $37 million and liabilities of $34 million on the filing date.
- Monitor Company Group Limited Partnership – lead counsel to the official committee of unsecured creditors of Monitor, a high-end consulting business that was sold to Deloitte as a going concern. Monitor reported gross income from operations of $145 million for the year before it filed Chapter 11.
- Nortel Networks - lead bankruptcy counsel to SNMP Research in substantial copyright infringement adversary proceeding against Nortel and Avaya, arising, in part, out of Nortel’s sales of its business lines to Avaya and others for $3.3 billion.
- Open Range Communications – lead debtor’s counsel for company that provided broadband access to approximately 26,000 underserved and unserved rural Americans in 12 states. Prior to the Chapter 11 filing, Open Range received the largest broadband loan ever awarded by the Rural Utilities Services of the United States Department of Agriculture.
- Owens Corning, et al. – lead debtor’s counsel for multinational composites and building materials company, which successfully restructured its asbestos personal injury liabilities in Chapter 11. At the time of its filing in 2000, Owens Corning was one of the 10 largest bankruptcy cases ever filed, with annual sales of $5 billion, approximately 20,000 employees worldwide, and more than 460,000 asbestos personal injury claims amounting to more than $5 billion in payments.
- Radio Shack – lead counsel to Gamestop Corporation and its subsidiary Spring Mobile, in purchasing hundreds of leases from Radio Shack in its Chapter 11 case.
- Reichhold Industries – lead debtor’s counsel for premier supplier of unsaturated polymer resins used to fabricate composites and advanced composites products. Reichhold reported assets in excess of $100 million and liabilities exceeding $500 million on the petition date.
- Ritz Camera Centers - lead debtor’s counsel to well-known retail chain that operated 930 stores located in over 30 states, with sales just under $1 billion.
- The Bon-Ton Stores - Delaware counsel to the Second Lien Noteholders in The Bon-Ton Stores, Inc., et al. bankruptcy cases pending in the District of Delaware. The Bankruptcy Court approved the liquidation bid of a joint venture comprised of the Second Lien Noteholders, Great American Group, LLC and Tiger Capital Group, LLC to acquire the inventory and certain other assets of the Company for a cash purchase price not to exceed $575 million, a $93.8 million wind-down budget and a $125 million credit bid by the Second Lien Noteholders.
- Tribune Company - co-counsel to Tribune, a multinational media and entertainment conglomerate, in its successful restructuring of over $13 billion in funded debt.
- Yarway Corporation – co counsel to Yarway, a Tyco International Ltd. Unit that made industrial valves and listed assets in excess of $100 million and liabilities in excess of $165 million as of the petition date. The bankruptcy was precipitated by the continuing assertion of asbestos personal injury claims against Yarway, which were restructured in a confirmed Chapter 11 plan.
Norm has also received several fiduciary and trustee appointments including:
- Chapter 11 Trustee in the Pitt Penn Holding Co. cases.
- Trustee for the Claims Resolution Trust for Warranty and Products Liability claims in GEC Industries, Inc.
- Member of the Panel of Chapter 7 Trustees for the District of Delaware.
- Appointed by the Court of Chancery of the State of Delaware as Co-Receiver for the practice of William L. Garrett, Jr., Esquire.
He has received recognition from numerous organizations including:
- Chambers USA 2003-2018
- Super Lawyers Top 10 Lawyers in Delaware 2017-2018
- Best Lawyers in America 2006-present
- Best Lawyers “Lawyer of the Year” in 2014 and 2016-18 for Wilmington, DE Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
- See Award Methodology.
Chief Judge Anthony Scirica, U.S. Court of Appeals for the Third Circuit, appointed Norm to serve on the 2005 Merit Selection Committee for Bankruptcy Judgeship Vacancies in the District of Delaware. The Supreme Court of the State of Delaware also selected Norm to serve as a member of the Delaware Board of Bar Examiners. He is actively involved in numerous professional organizations including the American Bankruptcy Institute, the American College of Bankruptcy, the Delaware State Bar Association Bankruptcy Law Section, the Delaware Bankruptcy Inns of Court, and the Delaware Pro Se Consumer Bankruptcy Initiative.
Norm is the author of the Bankruptcy Deadline Checklist. Now in its fifth edition, this primer is published by the American Bar Association's Business Law Section.
Norman Pernick earned his J.D. with honors at The George Washington University School of Law and his B.A. magna cum laude with high honors at Brandeis University.
- American College of Bankruptcy, Fellow
- College Board of Directors
- Foundation Board of Directors
- Pro Bono Committee
- Commercial Bankruptcy Alliance, LLC
- Steering Committee
August 15, 2018
As published in: Law360 July 31, 2018
May 3, 2018
March 19, 2018
August 15, 2017
May 30, 2017
Norman Pernick and Kate Stickles were mentioned as the committee representation in "Maxus Ch. 11 Plan Confirmed With Support From Creditors"
As published in: Law360 May 22, 2017
Norman Pernick, Nicholas Brannick and David Dean were mentioned as representing SNMP companies in "Software Co. In Nortel Ch. 11 Tries To Up $8M Claim To $81M"
As published in: Law360 May 12, 2017
Norman Pernick, Kate Stickles, Patrick Reilley and Katharina Earle were mentioned in "Fresh & Easy Ch. 11 Plan, Disclosure Confirmed In Del."
As published in: Law360 April 28, 2017
As published in: Law360 March 13, 2017
As published in: Law360 February 3, 2017
Norman Pernick, Nicholas Brannick and David Dean represented SNMP as Nortel resolves objections to Ch.11 plan from IP fight
As published in: Law360 January 13, 2017
Ilana Volkov and Norman Pernick discuss DirectBuy getting cash collateral access to fund sale plans in Law360
As published in: Law360 November 4, 2016
August 15, 2016
Norman Pernick and Patrick Reilley were mentioned in article titled, "UCI Defends $100M DIP Loan Against Creditor Objections"
As published in: Law360 July 11, 2016
Norman Pernick, Nicholas Brannick and David Dean were mentioned in article titled, "$200M Looks Too High For SNMP IP Claim, Nortel Judge Says"
As published in: Law360 July 7, 2016
May 27, 2016
As published in: Law360 May 27, 2016
Sharing a Piece of the Pie: Gift Plans, Structured Dismissals and Carve-Outs, 19th Annual Northeast Bankruptcy Conference, Omni Mount Washington Resort in Bretton Woods, New HampshireAttorney Speaking: Norman L. PernickJuly 12-15, 2012
Participant in the "15th Annual Great Debate" titled, "Resolved: Plan support and lock-up agreements are enforceable and do not violate plan solicitation and disclosure rules," American Bankruptcy Institute, Annual Spring Meeting, April 2011
The 5th edition of the Bankruptcy Deadline Checklist, authored by Norman Pernick and edited by David Dean, has just been released by the American Bar Association
June 2, 2016Norman L. Pernick and G. David Dean
Commerce Magazine July 2015 EditionNorman L. Pernick
Norton Journal of Bankruptcy Law and Practice December 1, 2013Norman L. Pernick and David R. Hurst
American College of Bankruptcy, Circuit Review Edited by Professor Margaret Howard, Washington and Lee University 2013 EditionNorman L. Pernick
Bankruptcy Issues Concerning LLCs
Data Trace Publishing Company California LLC Forms and Practice Manual, Chapter 18 2013Norman L. Pernick and Patrick J. Reilley
Corporate Live Wire's Expert Guide: Bankruptcy & Restructuring March 12, 2013Norman L. Pernick and David R. Hurst
American Bankruptcy Institute This article was selected for inclusion in ABI's newest book, Best of ABI 2011: The Year in Business Bankruptcy. June 2010G. David Dean and Norman L. Pernick
Bankruptcy Deadline Checklist, 4th Edition: An Easy-to-Use Reference Guide for Case Management and Administration
American Bar Association 2009G. David Dean and Norman L. Pernick
The Latest News from the Delaware Courts: Decisions of Interest to Insolvency and Restructuring Professionals
The Americas Restructuring and Insolvency Guide September 30, 2008Michael F. Bonkowski, Norman L. Pernick, Patrick J. Reilley and J. Kate Stickles
Bankruptcy Deadline Checklist, 3rd Edition: An Easy-to-Use Reference Guide for Case Management and Administration
American Bar Association 2007Norman L. Pernick
Cole Schotz Docket Winter 2007Norman L. Pernick, Gary A. Phillips and Geoffrey Weinstein