Two groups of residents are seeking to reclaim the Villa Vie Odyssey as the cruise ship travels from Cambodia to Singapore, where it could be auctioned by its lender.
One attempt to secure funding for a resident-led purchase has failed, but a second group remains active and is hoping to buy the vessel at auction, according to two people familiar with the discussions.
The proposed second bid would not involve Mike Petterson, Villa Vie Residences’ founder and executive chairman. Petterson said he had believed an operational partner would rescue the ship, but the arrangement fell through and the vessel was subsequently taken by its lender.
He said he still hoped to regain control of the Odyssey and was continuing to seek investors prepared to take over the ship permanently. An alternative would be to raise money to place the company into Chapter 11 bankruptcy proceedings and sell it.
Petterson said he no longer wanted a leadership role. “I’m not going to be the front face person of a company any time soon,” he said.
Residents consider legal action over fuel loans
Some residents are also considering legal action over loans made to the company in April, when they said they had raised more than $2 million to help keep the ship operating.
The fuel loan scheme offered investors the prospect of returns of up to 24 per cent. An agreement understood to have been issued by Villa Vie describes the arrangement as “Unsecured” and says it came without “Collateral or Guarantees.”
Craig and Cindy Voight, who boarded the ship in October 2024 before it departed Belfast for a voyage around the world, said they paid more than $300,000 for their cabin and monthly dues. They also provided $100,000 through the fuel loan scheme and now plan to take legal action, they said.
“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 pursue legal claims, saying he took their concerns seriously. He said the financing had been arranged during an urgent period for the vessel to meet immediate operating needs, including fuel.
According to Petterson, the loans were structured through Villa Vie’s parent company, Residential Cruise Holdings, because financing restrictions prevented Villa Vie Residences from borrowing directly. He said he would not discuss individual claims while legal action was being considered, adding that the matter would be addressed through the appropriate legal process.
