Norman Pernick is Co-Chair of the Bankruptcy & Corporate Restructuring Department and the founding managing member of the Delaware office. With thirty-six 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 sixteen 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 Jewish Family Services of Delaware, a statewide organization that supports people of all backgrounds by assisting families through life transitions, helping youth and children grow stronger, and ensuring the safety and dignity of older adults. He served for nine years as the Chair of the Board of Directors of Downtown Visions, an umbrella organization for a community-wide effort to revitalize downtown Wilmington. 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:
- 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.
- 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.
- Hilltop Energy – lead debtor’s counsel to independent energy companies engaged in the development, production and exploration of crude oil and natural glass. Representation included the prompt filing and ultimate approval in 40 days of a prepackaged Chapter 11 Plan of Reorganization providing for an approximate $50 million debt-for-equity swap.
- 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.
- 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.
- Patriarch Partners and Lynn Tilton – co-counsel to Lynn Tilton and Patriarch Partners in the Chapter 11 bankruptcy cases of Zohar III Corp. and several affiliated CLO funds.
- 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.
- Restaurants Unlimited, Inc. and Houlihan’s – Acted as counsel to Landry’s, as stalking horse purchaser and ultimate successful bidder, in connection with its acquisitions of restaurants in the Restaurants Unlimited and Houlihan’s bankruptcy cases in the United States Bankruptcy Court for the District of Delaware.
- 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.
- Stafford Logistics – guided debtor client through a sale process that resulted in a sale of the equity in the company to a private equity fund which allowed the company to continue as a going concern without a bankruptcy filing, preserving its core customer base and continuing the employment of its more than 700 employees
- 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:
- 2020 Lawdragon 500 Leading U.S. Bankruptcy & Restructuring Lawyer
- Chambers USA 2003-2019
- Super Lawyers Top 10 Lawyers in Delaware 2017-2020
- Best Lawyers in America 2006-present
- Best Lawyers “Lawyer of the Year” in 2014 and 2016-2020 for Wilmington, DE Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law
- See Award Methodology.
Member of the Third Circuit Court of Appeals 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, and is a founding member of 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
As published in: Law360 February 17, 2021
As published in: Law360 January 27, 2021
August 20, 2020
As published in: Law360 June 2, 2020
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April 24, 2020
August 15, 2019
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As published in: Law360 July 31, 2018
March 19, 2018
August 15, 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
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
March 17, 2020Samuel Weiner, Richard W. Abramson, Gary M. Albrecht, Michael D. Sirota, Jordan A. Fisch, Jennifer L. Horowitz, Steven R. Klein, Paul W. Kim, Randi W. Kochman, Leo V. Leyva, Norman L. Pernick, David A. Rubenstein, Jeffrey H. Schechter and Warren A. Usatine
Turnaround Management Association June 2019Rebecca Hollander and Norman L. Pernick
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
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
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