Rhode Island-based Kadey-Krogen Yachts filed for bankruptcy yesterday in U.S. Bankruptcy Court in Delaware. The voluntary Chapter 7 filing begins the court-supervised liquidation process for the cruising trawler-yacht builder and its affiliated companies.
According to the Bankruptcy Observer website, two affiliated companies appear to have filed Chapter 7 petitions on the same day: KKY Holdings and American Tugs. That suggests the filings may involve a broader restructuring or liquidation of the ownership group behind the Kadey-Krogen and American Tugs brands.
The Kadey-Krogen Group announced its acquisition of American Tugs in May 2023 and subsequently referred to itself as the builder of Krogen trawlers, the Summit Motoryachts brand and American Tugs, indicating common ownership and management.
According to a What Now report, Kadey-Krogen has estimated liabilities of between $1,000,001 and $10 million, and between 50 and 99 creditors. Future court filings are expected to provide information about the administration of the bankruptcy cases and the companies’ remaining assets and liabilities.
Details of Kadey-Krogen’s filing:
- Bankruptcy Case No.: 26-11065-BLS
- Court: U.S. Bankruptcy Court for the District of Delaware
- Chapter: 7 (voluntary)
- Filed: July 6, 2026
- Judge: Brendan Linehan Shannon
- Debtor address: 1 Maritime Drive, Portsmouth, RI 02871
- Counsel: Joseph C. Barsalona II, Pashman Stein Walder Hayden, P.C., Wilmington, Del.
This is a developing story and will be updated.
