Like the Cruise ship Villa Vie Odyssey is making its way from Cambodia to Singapore, where it could potentially be put up for auction Through its lender, CBS News has become aware of at least two resident-led efforts to recover the vessel.
An attempt recently failed after a lender refused to finance residents of the luxury “forever cruise”. However, a second attempt to purchase the ship is still very active, according to two sources familiar with the matter. It is run by another group that hopes to buy the ship at auction, the sources said.
The second effort would not involve Villa Vie Residences founder and executive chairman Mike Petterson, according to sources involved in the discussions.
Petterson said he thought he had an operating partner to save the ship, but that didn’t work out, leading the lender to repossess the ship.
Now, Petterson says he thinks he can still salvage the ship and continues to look for potential investors to take over the ship for good. Another option would be to raise the funds necessary to file for Chapter 11 bankruptcy and sell the business. He no longer wishes to be involved in the management of the company.
“I’m not going to be a spokesperson for any company anytime soon,” Petterson told CBS News.
CBS News has also learned that a group of residents is considering legal action over fuel loans given to the company in April – when residents said they raised more than $2 million to keep the ship afloat.
The fuel loan program promised a return of up to 24% if residents invested more money to meet rising fuel costs.
In a copy of an agreement obtained by CBS News, which appears to come from Villa Vie, the loan is described as “unsecured” with no “guarantee or guarantee.”
Craig and Cindy Voight had been on board the ship since October 2024 when the Odyssey left Belfast, Northern Ireland for its travel around the world. The couple said they spent more than $300,000 on their cabin and monthly dues, in addition to providing the company with $100,000 as participants in the fuel loan program. They said they plan to take legal action over the program.
“So we thought, okay, we’re going to get 18 percent interest,” Craig Voight said. “The first payment is supposed to start a month later. In the meantime, they owe us over $113,000. They’ve never paid a cent.”
Petterson acknowledged that some residents could potentially take legal action over the fuel loans in a statement he shared with CBS News, saying “I take their concerns seriously.”
In its statement, the executive also said the financing for the loan program “was arranged during a period of emergency for the vessel and was intended to meet immediate operational needs, including fuel.” The financing was structured through Villa Vie’s parent company, Residential Cruise Holdings, “because existing financing restrictions prevented Villa Vie Residences from borrowing directly,” he explained.
“I recognize that residents want clear answers about how the loans were structured and managed,” Petterson said. “As legal action is being considered, I will not discuss individual claims or draw conclusions in the media. We will handle the matter through the appropriate legal process and provide information through the appropriate channels.”
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