Villa Vie Odyssey "forever cruise" residents want their ship back
Summary
Villa Vie Odyssey is traveling from Cambodia to Singapore, where its lender may put the cruise ship up for auction. One resident-led effort to buy it failed, while another is active; some residents are also considering legal action over unpaid fuel loans.Key Facts
- At least two resident-led efforts to reclaim or buy the ship have emerged.
- A lender denied funding for one effort to buy the vessel.
- A second group is still pursuing a purchase at auction and is not working with Villa Vie founder Mike Petterson.
- Petterson says he is seeking investors to take over the ship and no longer wants to lead the company.
- Petterson has also raised the possibility of filing for Chapter 11 bankruptcy and selling the company.
- Villa Vie offered residents fuel loans in April, with promised returns of up to 24%; an agreement reviewed by CBS News described the loans as unsecured and without collateral or guarantees.
- Craig and Cindy Voight said they invested $100,000 in the fuel loan program and have received no payments.
- Petterson said the loans supported urgent operating needs and that the company would address claims through the appropriate legal process.
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