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Villa Vie Odyssey "forever cruise" residents want their ship back
CBS News • • business
Key Points:
- The Villa Vie Odyssey cruise ship, currently en route from Cambodia to Singapore, faces potential auction by its lender, with at least two resident-led efforts underway to reclaim the vessel.
- One resident-led buyout attempt failed due to denied funding, while a second active group aims to purchase the ship at auction without involvement from the company's founder, Mike Petterson.
- Petterson, who no longer wishes to lead the company, is exploring options including finding investors or filing for Chapter 11 bankruptcy to resolve the situation.
- Residents are considering legal action over a fuel loan program initiated in April, which promised up to 24% returns but remains unpaid; loans were unsecured and raised over $2 million to cover rising fuel costs.
- Petterson acknowledged residents' concerns about the fuel loans, stating the financing was arranged urgently through the parent company due to borrowing restrictions and promised to address issues through legal channels.
