American yacht builder Kadey-Krogen has filed for voluntary Chapter 7 bankruptcy, ending five decades of building long-range cruising trawler yachts.
The Kadey-Krogen Group built Krogen Yachts, Summit Motoryachts, and American Tugs. American Tugs has also filed for Chapter 7 bankruptcy.
The company was founded in 1976 by Art Kadey and Jim Krogen who identified an underserved segment in the market – that of bluewater cruising.
The pair began with a hull design for a 42-foot vessel that could meet the demand for this kind of cruising, with onboard comfort a priority, with the yachts built at the Asia Harbor Yacht Builders yard in Kaohsiung, Taiwan.
Latest model
Since the company was founded, around 700 Krogens have been built. The latest model was the new Krogen 53 launched in May 2026, a displacement hull yacht built for offshore cruising with a range of interior options to suit different needs.
The Group had recently undergone a period of expansion, acquiring LaConner, Washington-based builder of semi-displacement trawlers, American Tugs in 2023.
At the time, American Tugs was said to have a healthy backorder of boats, a great reputation and a loyal customer base.
Distribution for American Tugs was expanded through the acquisition through Kradey-Krogen’s sales offices and there were plans to expand service and refit offerings for Krogen and Summit customers.
The Chapter 7 bankruptcy means the company’s assets will be sold off to pay pay creditors – according to the court filing there are nearly 100 creditors with secured and unsecured claims totalling around $2.2 million.
Two current boat orders
The filing also states that gross revenue was around $14.9 million in 2024 and $10.1 million in 2025. Revenue was $403,962 at the end of June 2026 with two current boat orders listed.
One was 95% complete in Taiwan and 95% paid for. The second appears to have not been started, and there is no reference to any payment.
Kadey-Krogen partner Tucker West was appointed as president and CEO in 2021.
Kadey-Krogen was headquartered in Stuart, Florida, with additional sales offices in Annapolis, Maryland and Portsmouth, Rhode Island.
