business
Creditor has "taken control" of forever cruise, message to residents shows
Lender takes control of the stranded Villa Vie Odyssey cruise ship, a message to residents shows.
Key points
- Residents were told a lender now controls the Villa Vie Odyssey, which remains stuck in Cambodia.
- The ship may be moved to Singapore, where it could eventually be auctioned, according to multiple sources.
- A resident group's effort to buy the ship failed after a lender denied them funding.
Why it matters. Residents who paid for cabins may never recover their investments, and the ship's future remains unresolved while the lender holds it and a restructuring is explored.
A lender has taken control of the Villa Vie Odyssey, the residential cruise ship stranded in Cambodia, according to a message to residents obtained by CBS News. The ship could soon be moved to Singapore, where it could eventually be auctioned, according to multiple sources familiar with the matter. Company founder and executive chairman Mike Petterson said a restructuring could take 30 to 90 days and that the company remains optimistic it can get the ship back if it finds an operational partner.
Latest updates
Creditor has "taken control" of forever cruise, message to residents shows
Residents of Villa Vie Odyssey — which remains stuck in Cambodia — have been informed the cruise ship is now under control of its lender, according to a message sent to residents and obtained by CBS News.The ship will soon be moved from Cambodia to Singapore, where it could eventually be auctioned off, according to multiple sources familiar with the matter. Company leadership, however, said they're optimistic they can get the ship back — if they find an operational partner. "This is a 30- to 90-day process, and, during that process, we have time to get a restructure done," Mike Petterson, the company's founder and executive chairman, told CBS News.Passengers had only the weekend to remove all of their belongings from the ship before it became inaccessible to them, as the lender took over the operational costs of the ship."They have now the responsibility to pay the crew, fuel and the operations of the vessel and safekeeping of the vessel," Petterson said, stressing that they're exploring options to keep the ship going. "They would be willing to work with a funded plan — they're not out of negotiations — it's not like you get your car repossessed and you can't get it back."Some passengers expressed frustration with the company's optimistic tone and worried it gave some residents a sense of "false hope.""The lender has taken possession of the ship, but that does not mean the Odys.