Michael Alexander Reardon, founder of Daedalus Yachts and former owner of Catalina Yachts, has filed for personal Chapter 7 bankruptcy protection, reporting total liabilities of approximately US$3.83 million and assets of about US$574,000.
The petition was filed on 30 September 2026 in the US Bankruptcy Court for the Eastern District of North Carolina. It lists around US$3.28 million of unsecured liabilities and approximately US$549,000 of secured debt. Most of the declared asset value relates to Reardon’s home.
Catalina Yachts is the largest unsecured creditor identified in the schedules, with a claim of US$1,778,990.15. The amount follows litigation connected with Reardon’s attempted acquisition and operation of the Florida boatbuilder.
Reardon’s reported unsecured obligations also include approximately US$867,000 in credit-card, merchant cash advance, revenue-based finance and personal-guarantee liabilities.
The schedules assign no value to his ownership interests in five boatbuilding businesses, including entities associated with Catalina, Tartan and Daedalus Group Holdings.
Marine businesses
The filing follows a period of disruption across Reardon’s marine businesses. Tartan Yachts was subsequently acquired by the owner of Great Lakes Rigging and Supply and continues production in Ohio. Daedalus ended operations at its Edenton, North Carolina, facility in August 2025 after working on a single carbon-fibre catamaran.
Reardon reported income of US$186,000 in 2024, US$124,000 in 2025 and US$74,000 during 2026 up to the filing. Listed personal assets include two boats with a combined declared liquidation value of US$9,500.
Former Catalina employees David and Madeline Cayce are also listed as creditors for more than US$15,000 following a judgment over unpaid wages. During earlier reporting on Catalina’s financial difficulties, Reardon said he had ‘made good on it, and we’re continuing to do that now’.
Chapter 7 does not automatically eliminate the listed debts. A court-appointed trustee will review the estate, determine whether non-exempt property can be sold and distribute any available proceeds under federal bankruptcy priorities. The court will later decide whether eligible debts should be discharged.
Catalina Yachts has since been acquired by C & T Composites which shipped its first completed Catalina yacht in September 2026.
