CEO’s plan to file for bankruptcy follows ending luxury never-ending cruise that left hundreds stranded

Fuel costs outpace the operator

Petterson said the expense was “backbreaking” when divided among about 300 people on board. He said the company had tried everything it could and was unwilling to pass rising fuel costs on to passengers.

Voyage slowed, but costs continued

The Odyssey began its continuous around-the-world journey in October 2024. To respond to rising fuel prices, the ship slowed its itinerary and stayed five or six days at each port, Petterson said.

He said the company hoped conditions in the Middle East would improve, but the changes did not solve its financial problems. The ship ran out of money while the operator searched for a financial partner.

Residents face sudden departure

Passengers could buy permanent cabins for several hundred thousand dollars and become residents of the ship. Some sold their homes, and residents were given a 15-year minimum guarantee of living aboard the Odyssey.

Passenger Benjamin Schatz had thought the MV Odyssey would be his forever home. CBS News met him in April 2025, when he had lived aboard for about a year; on Wednesday, he was given only hours to pack and leave.

Chapter 11 filing planned

Petterson said Villa Vie Residences now plans to file for Chapter 11 bankruptcy. More than 200 passengers, mostly Americans, remain stranded in Cambodia after the cruise operator ran out of money. The article reports that the ship had about 300 people on board when describing how fuel expenses were shared, while also stating that more than 200 passengers are stranded.