Villa Vie Odyssey cruise residents seek to reclaim ship amid lender auction

CBS News reported that some residents of the Villa Vie Odyssey luxury "forever cruise" are making efforts to reclaim the ship, which is currently en route from Cambodia to Singapore where it may be auctioned by its lender.

One resident-led effort to buy the ship recently failed after a lender denied funding, but a second group remains active in trying to purchase the vessel at auction, according to sources familiar with the situation. This second group does not include the company's founder and executive chairman, Mike Petterson.

Petterson told CBS News he initially believed he had a partner to rescue the ship, but that plan did not materialize, leading to the lender taking control. He said he is still looking for investors to regain ownership or may pursue Chapter 11 bankruptcy to sell the company, though he does not want to remain in leadership.

Additionally, CBS News learned that some residents are considering legal action over fuel loans made to the company in April. These loans, which promised up to a 24% return, were unsecured and lacked collateral or guarantees. Residents had raised more than $2 million to help cover rising fuel costs.

One couple aboard the ship since October 2024 said they spent over $300,000 on their cabin and dues, plus $100,000 as part of the fuel loan program, highlighting the financial stakes for residents involved in the ongoing efforts to save the ship.