The Odyssey, the ship operated by Villa Vie Residences for a multiyear residential cruise, may be headed for auction after becoming stranded in Sihanoukville, Cambodia. Efforts by passengers to secure funding to continue the voyage appear to have faltered.
The cruise came to an abrupt stop last week, after roughly two years at sea, when Villa Vie said it could no longer afford fuel. About 200 passengers, who had paid hundreds of thousands of dollars for the journey, disembarked and spent the following week retrieving their belongings and considering their next steps.
Several passengers attempted to put together a deal to buy the ship over the weekend, but the effort did not materialize. The lender and the ship-management team from the Columbia Group are now preparing to take control of the vessel and plan to sell it at auction.
Villa Vie founder Mikael Petterson told The New York Times by text message that the company remained technically in possession of the Odyssey, while the bank was beginning a 60- to 90-day process to secure its collateral. He added that the company hoped to complete a restructuring sooner.
When the sailing was suspended, Villa Vie attributed the decision to what it described as extraordinary fuel-cost increases linked to the war with Iran. The company said it was working on a restructuring and recapitalization plan over the next 60 days.
Sources: The New York Times Travel.