Cruising Trawler Builder. Kadey-Krogen Files for Bankruptcy
On Monday July 6, Kadey-Krogen Yachts, based in Portsmouth, Rhode Island, filed for Chapter 7 Bankruptcy in the U.S. Bankruptcy Court in Delaware. In a companion filing, American Tugs, which Kadey-Krogen had purchased in 2023, also filed under Chapter 7. Unlike a Chapter 11 filing, which allows a company to continue trading while reorganizing its finances, a Chapter 7 filing calls for a court supervised liquidation of all the company’s assets in order to repay creditors. After 49 years in business as one of the U.S.’s leading makers of displacement cruising trawlers, Kadey Krogen will cease to exist. The court…