Grant Thornton LLP launched a new recovery and reorganization services practice to provide services to under-performing and financially troubled businesses.

The firm has named Marti Kopacz and Loretta Cross to lead the practice. Kopacz and Cross have worked together for more than a decade, and each has more than 20 years of experience in the reorganization industry.

Kopacz most recently served as a managing director at Alvarez & Marsal, which specializes in debtor management and advisory services for troubled companies. She was previously a principal at PricewaterhouseCoopers, where she was a founding member of the corporate restructuring practice before it was acquired by FTI Consulting Inc. At FTI, she was a senior managing director.

Most recently, Cross was a managing director and Southwest co-regional leader for Alvarez & Marsal. She was also a partner at PwC and a senior managing director with FTI.

"Our new recovery and reorganization practice will allow us to take a leadership role in this highly fragmented industry," said Grant Thornton chief executive Ed Nusbaum, in a statement. "This new service line makes a strong addition to our firm's existing specialist financial services offerings and represents an eagerly anticipated first step in building a comprehensive national presence to complement our international depth in recovery and reorganization expertise."

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