{"id":29491,"date":"2026-09-13T07:09:10","date_gmt":"2026-09-13T15:09:10","guid":{"rendered":"https:\/\/www.eskimo.com\/~mighetto\/murrelet\/Wordpress\/?p=29491"},"modified":"2026-09-13T09:34:03","modified_gmt":"2026-09-13T17:34:03","slug":"american-tug-kadey-krogen-group-liquidation","status":"publish","type":"post","link":"https:\/\/www.eskimo.com\/~mighetto\/murrelet\/Wordpress\/archives\/29491","title":{"rendered":"American Tug – Kadey-Krogen Group, Liquidation"},"content":{"rendered":"\n

In July 2026, the acquiring organization Kadey-Kroger and American Tug entered Chapter 7 liquidation<\/strong>. Kadey-Krogen Yachts, KKY Holdings LLC, and American Tugs LLC filed voluntary Chapter 7 petitions on July 6, 2026, in the U.S. Bankruptcy Court for the District of Delaware.3<\/a><\/sup> Chapter 7 is a liquidation proceeding, not a Chapter 11 reorganization designed to keep the companies operating while they restructure.<\/p>\n\n\n\n

\"\"
American Tug 435 “Gray Pearl<\/a>” <\/em> Year: 2011, LOA: 43′ 6″, LOD: 41′ 4″, Beam: 15′ 10″ , Draft: 4′ 10″, Displacement: 30,000 lbs , Hull: Semi-displacement, Air draft: 19′ 4″, Cabin headroom: 6′ 7″<\/figcaption><\/figure>\n\n\n\n

Who bought American Tug?<\/h2>\n\n\n\n

The buyer was the Kadey-Krogen Group, encompassing Kadey-Krogen Yachts, Summit Motoryachts, and, after the transaction, American Tug. The acquisition was presented as an expansion that would give the group a respected La Conner-built line of semi-displacement cruising tugs, while retaining American Tug\u2019s separate identity and ongoing production.4<\/a><\/sup><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Is the purchasing company bankrupt?<\/h2>\n\n\n\n

Yes.<\/strong> The Kadey-Krogen organization and American Tugs LLC are in Chapter 7 cases. That means their assets are being administered for liquidation, rather than the companies continuing under a court-approved restructuring plan.5<\/a><\/sup> Entity Status Practical meaning Kadey-Krogen Yachts LLC Chapter 7 filed July 6, 2026 Liquidation of the yacht-building business KKY Holdings LLC Chapter 7 filed July 6, 2026 Liquidation of the parent\/holding entity American Tugs LLC Chapter 7 filed July 6, 2026 American Tug\u2019s operating business is part of the liquidation<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The American Tug brand, molds, tooling, intellectual property, inventory, and work in progress could potentially be sold to a new owner through the bankruptcy process. That possibility is different from the former company continuing to operate on its own.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

How did this happen?<\/h2>\n\n\n\n

The available reporting suggests a combined cash-flow and debt crisis at the group level, compounded by delivery difficulties and a more challenging new-yacht market. Court-related reporting described substantial liabilities and creditor claims, including reported debts to an overseas builder and tax obligations in Washington state.6<\/a><\/sup><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n