Kadey-Krogen Yachts Files for Chapter 7 Bankruptcy
Earlier this week, Rhode Island-based Kadey-Krogen Yachts filed for bankruptcy 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 an article by Soundings Trade Only, two affiliated companies filed Chapter 7 petitions on the same day: KKY Holdings and American Tugs. This 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.
Kadey-Krogen has estimated liabilities of between $1,000,001 and $10 million, according to the article, 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.
