More than 60 years of combined experience maximizing options and limiting liabilities for our clients

Suzanne Kelly KGSRSuzanne Kelly

Before launching Kelly Garfinkle Strategic Restructuring, Suzanne Kelly served as a Senior Financial Analyst with the Pension Benefit Guaranty Corporation (PBGC) in Washington, D.C. She joined the agency in 1991 and stayed until 1997. In 2003, she returned to the PBGC to work on major restructurings involving complex pension issues.

For PBGC, Suzanne Kelly led multi-disciplinary teams including lawyers, actuaries, outside professionals and management in various cases where she was responsible for developing the case strategy, including responses to distress termination and Minimum Funding Waiver requests. Kelly represented the PBGC on numerous bankruptcy unsecured creditors' committees for reorganizing and liquidating companies that sponsor defined benefit pension plans. In addition to issues of financing, operational changes, asset sales, supplier settlements, plan distributions and waterfall issues, these committees frequently address issues related to pension plans sponsored by the debtors in numerous countries.

For AMR/American Airlines, Suzanne Kelly led the PBGC team responsible for securing the survival of four large pension plans with over 100,000 participants and a $10 billion exposure to the PBGC. She represented the agency on the creditors' committee and worked directly with major financial creditors on issues related to the merger with US Airways and value allocation.

She also led the termination of the Nortel Networks pension plan for the PBGC and, as a creditor committee member, worked on issues including asset sales, proceeds allocation and pension issues related to the world-wide liquidation of Nortel assets and the wind up of underfunded pension plans in the United States, Canada, and the United Kingdom.

For St. Vincent's Catholic Medical Centers in New York, in the first bankruptcy, she negotiated the continuation of the pension plan and additional funding to the pension when creditors were receiving 90 plus-cent distributions. In the second filing, she led committee efforts to increase the value received for real estate and negotiated settlements that produced recovery for the PBGC. Kelly took a lead role for the PBGC in cases involving Kaiser Aluminum & Chemical Corporation, Delta Air Lines, LyondellBasell, Chemtura Corporation and Quebecor, Inc. (now known as World Color Press) and many others.

Among her accomplishments at the PBGC, Kelly developed a major study on the health care industry and led development of a financial model that assessed PBGC's exposure to hospital pension plans based on the sponsor's operational and financial data.

Prior to joining the agency, Suzanne Kelly was Senior Consultant to S&J Consulting, Inc. where she worked with a privately held company to restructure financial obligations, the Acquisition Management Branch (AMB) at the Immigration and Naturalization Service and the Department of Housing and Urban Development.

Suzanne Kelly holds a Bachelor of Economics from the University of Maryland, a Masters of Economics – International Development Banking from American University, and a Certified Insolvency & Restructuring Advisor Certification.


Suzanne Kelly | Co-Founder & Principal

(703) 508-7331 | This email address is being protected from spambots. You need JavaScript enabled to view it.

moMo Garfinkle

Mo Garfinkle brings to KGSR a unique background of legal and business skills and experience in strategic and competitive positioning, restructuring, mergers and acquisitions, investment assessment, and the regulatory processes. Among his accomplishments, Garfinkle served as industry consultant to the PBGC in the bankruptcy reorganization proceedings of AMR/American Airlines, United Airlines and US Airways. He was industry consultant to the United Airlines Creditors' Committee on all aspects of United's reorganization plan and business models. Garfinkle also consulted to the PBGC on its analysis of US Airways' plans to emerge from bankruptcy and the possible termination of its pension plan.

Garfinkle advised the owners of Hawaiian Airlines on restructuring the airline in the process of its successful emergence from bankruptcy and developed the post-emergence business plan for Hawaiian. He also served as financial advisor on the reorganization of Sun Country Airlines. He was lead advisor on restructuring both Air Macau and Cebu Pacific Air, and worked with Boeing Commercial and ILFC on the possible restructuring of American Trans Air.

He was an economic consultant to United Airlines on its proposed acquisition of US Airways and a lead advisor to Singapore Airlines on its cross-equity swap and preferred marketing agreement with Delta Air Lines. In addition to consulting to airlines, Garfinkle has consulted to international airports and governments throughout Asia and Europe. He was part of the initial team that created the first global aviation alliance, the Star Alliance.

Mo Garfinkle has also served as an expert witness, dating back to the Pan Am Bankruptcy, both in the United States and abroad. His latest expert witness assignment involved working for the United Airlines pilots (ALPA) in their seniority list integration arbitration with the Continental Airlines pilots. Previously (1973 -1994), Mo Garfinkle was an attorney with and managing partner of a Washington, D.C.-based law firm.

From 1994-1999, he was Founder, Chairman and President of GKMG Consulting Services, and, from 2001-2012, Garfinkle was Founder, President and CEO of GCW Consulting, which had offices in the U.S. and China. Mo Garfinkle serves on several boards and is Audit Chair of a publicly traded company. Garfinkle also owned a U.S. airline in the mid-1980s.

Mo Garfinkle holds a B.S. in Economics (cum laude) from the Wharton School of Finance & Commerce, University of Pennsylvania and a Juris Doctor from Georgetown University Law Center. In addition to being co-founder and principal of Kelly Garfinkle Strategic Restructuring LLC, Garfinkle is Founder, President and CEO of Tailwind Consultants, LLC.


Mo Garfinkle | Co-Founder and Principal

(202) 359-2107 | This email address is being protected from spambots. You need JavaScript enabled to view it.





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