Creditor Takes Control of Villa Vie Odyssey as Residents Seek a Way Forward

Lender Takes Possession

Residents were told that the lender now controls Villa Vie Odyssey, which remains in Cambodia. The message said no sale has been scheduled and that the company believes a viable plan may still be possible.

Founder and executive chairman Mike Petterson told CBS News the process could last 30 to 90 days, providing time to work on a restructuring. He said the lender is responsible for crew pay, fuel, vessel operations and safekeeping.

Petterson said the lender was open to considering a funded plan and remained in negotiations. He added that the company is exploring ways to keep the ship operating.

Residents’ Purchase Effort Stalls

A group of residents tried to buy the ship from the company, but the effort failed after the lender denied them funding, according to sources who spoke with CBS News. The proposal had pledges from 169 residents prepared to invest more.

Financial Challenges Remain

After being removed from the ship, resident Greiff found a place to live in Kompat, Cambodia. He said he has accepted that he may never recover the money he invested.

The company message described its debt and legal problems as serious, while arguing that the ship and resident community retain value. It said a structured transition involving new capital and experienced operators could offer a path forward.

Company Focuses On Odyssey

Petterson said he had no update on those efforts and that the company’s full focus was on Odyssey. He said Villa Vie was funded entirely by residents, with no outside stakeholder.

The message said the company was pursuing DIP financing and resident maintenance collections to support operations. The ship’s next steps remain unclear.