As the Villa Vie Odyssey cruise ship makes its way from Cambodia to Singapore, where it could potentially be auctioned off by its lender, CBS News has learned of at least two resident-led efforts to reclaim the vessel.
One effort recently failed after a lender denied funding to residents of the luxury “forever cruise.” However, a second effort to buy the ship is still very much active, according to two sources familiar with the matter. It is led by another group hoping 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 believed he had an operational partner to rescue the ship, but that did not pan out, which led to the ship being taken by its lender.
Now, Petterson says he believes he could still get the ship back and is continuing to look for potential investors to take over the ship for good. Another option would be to raise the funds to file for Chapter 11 bankruptcy and sell the company. He no longer wants to be involved in company leadership.
“I’m not going to be the front face person of a company any time soon,” Petterson told CBS News.
CBS News has also learned that a group of residents is considering legal action over fuel loans that were provided to the company in April — when residents said they raised more than $2 million dollars to keep the ship afloat.
The fuel loan program promised up to a 24% return if residents invested more money to help with the rising cost of fuel.
In a copy of an agreement obtained by CBS News, which appears to be from Villa Vie, the loan is described as “Unsecured” without “Collateral or Guarantees.”
Craig and Cindy Voight were on board the ship from October 2024 when the Odyssey departed Belfast, Northern Ireland, for its voyage 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 that program.
“So we thought, alright, we’re going to get 18% interest,” Craig Voight said. “First payment’s supposed to start a month later. So between then and now they owe us over $113,000. They’ve never paid one penny.”
Petterson acknowledged that some residents could potentially take legal action over the fuel loans in a statement that he shared with CBS News, saying “I take their concerns seriously.”
In his statement, the executive also said financing for the loan program “was arranged during an urgent period for the vessel and was intended to support immediate operating 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 said.
“I recognize that residents want clear answers about how the loans were structured and handled,” said Petterson. “Because legal action is being considered, I won’t discuss individual claims or draw conclusions in the media. We will address the matter through the appropriate legal process and provide information through the proper channels.”