Cruising trawler-yacht builder Kadey-Krogen Yachts filed for Chapter 7 bankruptcy liquidation July 6 in the U.S. Bankruptcy Court for the District of Delaware. The filing was made jointly with parent company KKY Holdings LLC, and sister company American Tugs LLC.
The petitions were signed by Jock Tucker West, listed as president, CEO and director of the companies. According to court filings, Gavin M. Gray had served as sole manager of Kadey-Krogen and American Tugs through KKY Holdings, with a board of managers and voting members that included such investment entities as Summit-KKY LP, 2820 Partners LP, and Yellow Leaf Investments LLC.
Kadey-Krogen reported roughly $2.26 million in total assets against about $2.48 million in liabilities in its court filing. Assets include $772,687 in molds and equipment, $905,110 in goodwill from the original Kadey-Krogen acquisition, and two money judgments totaling roughly $481,000 against Martek of Palm Beach. The company reported no cash on hand and a zero balance in its bank account.
The filing’s Statement of Financial Affairs shows a steep drop in business. Gross revenue fell from $14.96 million in 2024 to $10.11 million in 2025, and to just $403,962 for the 2026 fiscal year through the filing date.
The company lists more than 100 creditors, including boatbuilders, suppliers, marinas, law firms and lenders. Unsecured claims include a $1.53 million debt to Taiwan-based Asia Harbor Yacht Builders Co., the builder of Kadey-Krogen models; $50,000 to Hickley Co.; and $36,412.83 to Multi-Tech Marine Services.
The court filing also shows open contracts to individuals in various stages of payment for boats under construction, completed boats still in Taiwan and one hull not yet laid.
The filing discloses roughly $166,227 in guaranteed payments to West over the past year, along with earlier reimbursements, and payments totaling $115,000 to investor entities 2820 Partners LP and 323 W Investments LLC.
