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Internal documents reveal scramble for funds before around-the-world "forever cruise" was stranded
CBS News • • business
Key Points:
- The MV Odyssey luxury cruise ship's around-the-world voyage abruptly ended in Cambodia after financial troubles forced Villa Vie Residences to suspend operations, leaving over 200 passengers and crew stranded.
- The ship faced escalating financial difficulties over three months, including fuel shortages in Singapore, food supply issues in Vietnam, and detainment in Hong Kong due to unpaid debts.
- Villa Vie attempted to raise emergency funds through a VIP program allowing current passengers to buy discounted cabins, but the ship continued to operate at a loss, with internal documents indicating monthly costs exceeding revenues.
- Crew members reportedly resorted to buying food locally and bribing officials to keep the ship supplied, highlighting severe operational challenges amid mounting debts to vendors, fuel suppliers, and crew.
- Founder Mike Petterson attributed the failure primarily to skyrocketing fuel costs and indicated the company might file for Chapter 11 bankruptcy to restructure, despite earlier plans to expand the fleet.
