Kadey-Krogen Yachts filed for voluntary Chapter 7 bankruptcy on July 6, 2026, ending new production at the Rhode Island company behind one of America’s best known long-range cruising trawler brands.
The filing was lodged in the US Bankruptcy Court for the District of Delaware. It brings to a close a builder that had been designing and selling bluewater passagemakers since 1977.
Filing Details
The petition was filed under case number 26-11065-BLS, before Judge Brendan Linehan Shannon. Two affiliated companies filed alongside it on the same day: parent company KKY Holdings, LLC (case 26-11064-BLS) and American Tugs, LLC (case 26-11066-BLS), the smaller-boat brand Kadey-Krogen acquired in May 2023.
Court records show the three companies authorised the filings through a joint written consent dated July 2, 2026, after their governing bodies reviewed the group’s financial position with legal and financial advisers. Jock Tucker West, the company’s president and chief executive, was authorised to sign the petitions on behalf of all three entities.
Chapter 7 is a liquidation proceeding. A court-appointed trustee now takes control of the companies’ assets, which will be sold to satisfy creditors. Kadey-Krogen Yachts listed estimated assets and liabilities each in the $1,000,001 to $10 million range, with between 50 and 99 creditors.
A Sharp Collapse in Orders
The company’s own filing sets out the scale of the downturn. Gross revenue was approximately $14.9 million in 2024. That fell to around $10.1 million in 2025. For 2026, at the point of filing, revenue stood at just $403,962.
No official statement had been issued by the company as of publication, and its website remained live without any notice to customers or owners.
Nearly 50 Years of Building Trawlers
Kadey-Krogen Yachts was founded in 1977 by marine engineer Art Kadey and naval architect Jim Krogen, who set out to build a full-displacement cruising trawler with the seakeeping pedigree of a North Sea fishing boat and the interior comfort of a proper liveaboard yacht. The first design, the Krogen 42, went on to become the company’s most popular model, with 206 built over 22 years.
The company’s Pure Full Displacement hull, built around a fine forward entry and a wineglass transom, became the signature of the brand across models ranging from 36 to 60 feet, including the Krogen 48 North Sea, the 44, the 58 Expedition and, most recently, the Krogen 60 Open. Close to 700 yachts were built in total. Production was carried out by third-party builder Asia Harbor in Taiwan, with Kadey-Krogen handling design, sales and customer support in-house.
Ownership passed from the founding families to a group led by John Gear, Larry Polster and Tom Button in 2006, before a 2021 recapitalisation brought in growth-equity investment under West’s leadership. The company operated from a Stuart, Florida headquarters, with additional offices in Portsmouth, Rhode Island, Annapolis and Seattle.
The onboard comfort that set the brand apart was as much a part of its identity as the hull beneath it. Saloons and staterooms were finished throughout in hand-fitted teak or cherry joinery, built to feel like a home rather than a boat.
What Happens Next
Existing Kadey-Krogen and American Tugs owners keep their boats and can continue using them as normal. What is unlikely to continue in its current form is factory warranty support, spare parts supply and service, since the entity providing them no longer exists as a going concern. Owners with boats still on the production line, including reports of a 50 Open nearing completion, become creditors of the estate rather than customers awaiting delivery.
Future court filings are expected to detail how the trustee intends to handle the group’s remaining assets, which include boat designs, tooling and the Kadey-Krogen and American Tugs brand names themselves.
Part of a Wider Pattern
The filing adds to a run of established North American boatbuilders and marine retailers that have run into serious financial difficulty over the past two years. Powerboat News has previously covered West Marine’s Chapter 11 filing and the pressures facing British boat builders navigating a splitting global market. Higher financing costs on big-ticket purchases and a well-stocked used-boat market have been cited as contributing factors across the sector, though the specific causes behind Kadey-Krogen’s sudden collapse in bookings have not yet been detailed in court filings.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
