In a combination of restructuring firms, L.A.-based Beilinson Advisory Group has purchased Omni Management Group in Woodland Hills, the companies announced Thursday.

Marc Beilinson, managing partner at Beilinson Advisory Group, will become chairman of the combined company called Omni Management Group. Brian Osborne, a 30-year corporate restructuring veteran, will serve as chief executive.

Both companies work on bankruptcies and corporate restructurings. Omni Management is the originator of the claims management and plan administration, while Beilinson Advisory Group provides interim management and independent director services.

In addition to Beilinson Advisory Group, Beilinson and managers at Omni participated in the acquisition. They purchased Omni from its previous owner, Rust Consulting.

“Having been involved in all facets of the bankruptcy space for 35 years, I have always wanted to improve the claims and case management process,” Beilinson said in a statement. “This transaction presented the right opportunity to join forces and make smart investments in systems, people and processes, and to create a product that is unsurpassed and easily utilized by bankruptcy professionals.”

During its 50 years in business, Omni has worked on major corporate bankruptcies, including ITT Educational Services, Owens Corning, Pacific Gas & Electric and Mervyn's.