Creditor has "taken control" of forever cruise
Summary
The lender has taken control of the Villa Vie Odyssey, which is stranded in Cambodia, and plans to move it to Singapore, where it could be auctioned. The company says it is seeking a financial restructuring and an operational partner, while residents have been told to remove their belongings and some fear they may lose their investments.Key Facts
- The lender has taken possession of the ship and assumed responsibility for crew pay, fuel, operations, and safekeeping.
- The Odyssey is expected to move from Cambodia to Singapore, where it could eventually be auctioned; no sale has been scheduled.
- Founder and executive chairman Mike Petterson said the company has 30 to 90 days to pursue a restructuring and seek an operational partner.
- Residents had only the weekend to collect their belongings before the ship became inaccessible to them.
- A resident-led effort to buy the ship failed after the lender denied the group funding, despite pledges from 169 residents.
- Internal communications reviewed by CBS News indicated the ship had been in financial distress for at least three months before it reached Cambodia.
- Resident Joel Greiff said he paid $350,000 for a cabin and spent 26 days aboard after moving in during October.
- Villa Vie said its full focus is on the Odyssey, after previously pursuing another ship acquisition and two residential cruise projects.
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