Grant Thornton LLP is expanding its restructuring-services offerings for oil and gas by hiring Loretta Cross and John Baumgartner, the global accounting firm said in a Feb. 18 release.
Based in Houston, Cross and Baumgartner join as managing directors who will be part of the firm’s strategy and transactions practice. Both Cross and Baumgartner previously worked at Grant Thornton earlier in their decades-long careers.
“Loretta and John possess tremendous restructuring experience with deep roots in the oil and gas industry,” Paul Melville, national managing principal of corporate finance and head of the restructuring practice at Grant Thornton, said in a statement.
Cross rejoins Grant Thornton after more than seven years in the restructuring group and energy practice at a large consulting firm. Meanwhile, Baumgartner is rejoining Grant Thornton with nearly 20 years of experience providing restructuring and solvency-related services. He previously served as a managing director in the restructuring group and energy practice at a large consulting firm.
“Their extensive consulting acumen along with the restructuring team under their leadership will allow Grant Thornton to assist its oil and gas clients who are facing stress, distress and litigation—doing so at a time of great strain for oil and gas companies contending with the impact of COVID-19 and an increasing focus on alternative energy,” Melville added.
Cross, who served as a business adviser in some of the nation’s largest energy bankruptcies and restructurings, has more than 40 years of strategic, operational and financial consulting experience. During her first stint at Grant Thornton, she served as the national managing partner of the firm’s corporate advisory and restructuring services practice and was the Houston office energy leader for advisory services.
Baumgartner has advised trustees and debtors in the energy field, including oil and gas, power and utilities, retail gas marketing, retail power marketing and midstream energy companies. He specializes in financial restructuring, operational turnaround, energy consulting, litigation, valuation, forensic accounting and creditor representations.
Earlier in his career, Baumgartner served as a director in Grant Thornton’s corporate advisory and restructuring services practice.
Founded in Chicago in 1924, Grant Thornton is the U.S. member firm of Grant Thornton International Ltd., one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton, which has revenues of $1.92 billion and operates more than 50 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.
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