CEO says plan is to file for bankruptcy after ending luxury never-ending cruise
Summary
Villa Vie Residences suspended operations of its MV Odyssey after fuel costs surged during the war with Iran, leaving more than 200 passengers stranded in Cambodia. CEO Mikael Petterson said the company plans to file for Chapter 11 bankruptcy after running out of money while seeking a financial partner.Key Facts
- The Florida-based company said the Odyssey stopped operating on Tuesday.
- Petterson said fuel prices rose from about $700 per ton before the war to between $2,000 and $3,000 per ton.
- Villa Vie Residences said average monthly fuel costs per cabin increased from $1,800 to between $6,000 and $8,000.
- The company said the ship used 700 to 800 tons of fuel per month.
- The Odyssey began its continuous around-the-world voyage in October 2024.
- Passengers could buy permanent cabins, and the company offered a minimum 15-year residency guarantee.
- More than 200 passengers, mostly Americans, were stranded in Cambodia after operations were suspended.
- Passenger Benjamin Schatz said he had only hours to pack and leave the ship.
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