Residents of Villa Vie Odyssey — which remains
—
asserted
which → remain → Odyssey
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.
uncertain
ship → inform → 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.
uncertain
it → move → matter
Company leadership, however, said they're optimistic they can get the ship back — if they find an operational partner.
asserted
they → say → 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.
asserted
Petterson → have → 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.
asserted
lender → have → 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.
asserted
they → have → ship
"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."
asserted
it → work → negotiations
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 Odyssey's future has been decided," the message to residents read, in part.
asserted
message → express → part
"No sale has been scheduled.
asserted
sale → schedule → ?
We believe there is time to bring forward a viable plan and are working to do that."
asserted
We → believe → that
An effort by a group of residents to buy the ship from the company also failed, after a lender denied them funding, according to sources who spoke with CBS News.
uncertain
who → buy → News
The effort had received pledges from 169 residents who were willing to put more money into the project.
asserted
who → receive → project
Internal communications reviewed by CBS News showed the ship was in financial distress for at least three months prior to Cambodia.
asserted
ship → review → Cambodia
Now, additional documents show that the company had a sense of urgency in getting more residents to provide even more funds.
asserted
residents → show → funds
During a meeting that took place in early August, the company wrote in an internal PowerPoint presentation: "A significant new line of inquiry is the need to distinguish actual inability to contribute from unwillingness to contribute further."
asserted
line → take → unwillingness
Joel Greiff from Naples, Florida spent $350,000 on a cabin on board, but he spent just 26 days on the ship after moving into it in October.
asserted
he → spend → October
Greiff told CBS News he paid an initial deposit in August 2025 and paid the remainder in May 2026.
uncertain
he → tell → May
In late July, Greiff said he received a message from the company about its financial woes.
asserted
he → say → woes
At the time, the company was asking residents for more money to keep the ship afloat.
asserted
company → ask → ship
"I sell my RV on August 3rd and I'm like — oh," Grief said.
asserted
Grief → sell → 3rd
"This is gonna fail.
asserted
This → go → ?
Since being kicked off the ship, he has found a place to live in Kompat, Cambodia.
asserted
he → kick → Kompat
"I went and found a place to stay for $200 a month.
asserted
I → go → 200
Beautiful place," he said.
asserted
he → say → ?
It's what I wanted and what I needed."
asserted
I → want → what
Greiff said he has come to terms with the fact that he may never see the money he invested in the ship again.
uncertain
he → say → ship
"I do not feel ill will, I just feel that they don't know how to run a business whatsoever," he said.
asserted
he → feel → business
"They might want to contemplate never running a business again.
uncertain
They → want → business
It is still unclear what will happen to the Odyssey next, but, prior to becoming stranded in Cambodia, Residential Cruise Holdings, the parent company of Villa Vie, was in the process of acquiring at least one additional cruise ship and working on two residential cruise projects.
uncertain
Holdings → happen → projects
"I don't have any update on that," said Petterson.
asserted
Petterson → have → that
Villa Vie was entirely capitalized by the residents themselves.
asserted
Vie → capitalize → residents
A Chapter 11 bankruptcy for Villa Vie would cost the ship about $3 million for the first 60 days of the process, according to the message sent to residents.
uncertain
bankruptcy → cost → residents
"The plan we are pursuing is to support those operations through DIP financing and resident maintenance collections," the message read.
asserted
message → pursue → financing
"The debt and legal issues are serious, but they do not erase the value of the ship, the resident community or the opportunity to build a stronger operating model.
asserted
they → erase → model
A structured transition with new capital and experienced operators can address the challenges and create a path forward."
Petterson said the company is entirely owned by employees and residents, "so, when there is a financial need, residents are by definition the shareholders of the company and are naturally asked as shareholders to contribute."
asserted
residents → address → shareholders
The Aporia
