Restructuring industry veterans, Mark E. Toney and Steven R. Korf, announced today the formation and launch of a new firm, ToneyKorf Partners, LLC, which will provide interim management and restructuring advice to underperforming organizations. Mr. Toney and Mr. Korf are former principals at Grant Thornton LLP and Mr. Toney was the National Managing Principal of Grant Thornton's restructuring practice.

Mr. Toney and Mr. Korf, who have a combined 60 years of experience in the restructuring industry, are building a restructuring firm that adheres to three key principles:  1) Dedicating highly experienced and senior leadership to all clients and projects; 2) Providing commitment and quality services to the client at a fair value compensation structure; and 3) Treating the client, the employees, and all constituents in cases with respect and integrity.

"We see the need in the market for a quality boutique firm that provides top shelf service and talent for clients," said Mr. Toney, co-founder of the firm. "Too many businesses hire 'consultants' who have never sat in a management position and simply tell the client what they want to hear. We, on the other hand, are hands-on, battle-tested managers, with insight, judgment, and a proven track record of fixing businesses and preserving value.  This is not an easy economy and businesses need leaders and advisors who will 'push them' when they want to relax, 'pull them' when they want to sleep, and be firm with them when they are looking at the trees versus the forest." 

ToneyKorf Partners expects to grow by building a culture that focuses on and commits to clients' solutions while being rewarded for performance. 

"Today, clients are smarter and expect real value. We believe that restructuring projects need to be managed efficiently to maximize every dollar in the process," said Mr. Korf, co-founder of the firm. "In addition, we bring a new and refreshing approach to understanding all of the constituents, their demands and needs, and the sensitivities that surround the organization and community."

Mr. Toney and Mr. Korf will continue in their roles with existing clients, including serving as CEO and COO of Brookdale University Hospital and Medical Center in Brooklyn, New York as well as leading the post-emergence Saint Vincent Catholic Medical Centers of New York. 

ToneyKorf Partners and Grant Thornton LLP will each continue to serve these existing clients and collaborate closely on best solutions for them. "We are extremely supportive of Mark and Steve's new venture and we look forward to working with them to continue to deliver high quality services and enduring value to our clients," said Steve Lukens, National Managing Principal for Grant Thornton's Advisory Services. "We believe that the continuing collaboration between our two firms will result in a long-term relationship benefiting today's clients and clients in the future."