Residential cruise ship Villa Vie Odyssey, marketed as a ‘never-ending cruise' for its residents, has departed Cambodia without passengers on board after its lender took possession of the vessel.
More than 200 residents were forced ashore when the ship's operations were suspended in late October. The ship departed Sihanoukville port on 4 November, with Singapore listed as its destination on its Automatic Identification System (AIS).
The departure follows a message to residents saying the ship’s lender had taken possession of the vessel. Villa Vie founder and executive chairman Mike Petterson told CBS News that the lender had assumed responsibility for crew wages, fuel, operations and safekeeping.
“The lender has taken possession of the ship, but that does not mean the Odyssey’s future has been decided,” the message said. “No sale has been scheduled.”
A bid to regain control
Petterson said Villa Vie was seeking an operating partner and a financial restructuring to regain control of Odyssey, describing a 30- to 90-day process to pursue an agreement.
A message to residents estimated that the first 60 days of a potential Chapter 11 bankruptcy process would cost about US$3 million. It said the company planned to fund operations through debtor-in-possession financing and maintenance payments from residents. The financing had not been confirmed.
A separate attempt by residents to buy the ship failed after a lender declined to provide funding, according to sources cited by CBS News. The effort had received pledges from 169 residents.
Passengers move on as questions remain
Odyssey arrived in Sihanoukville on 23 October with 203 passengers from 15 countries and 156 crew, according to reporting citing Cambodia’s Ministry of Tourism. Most passengers were American.
Cambodian tourism official Tang Sochetkresna said nearly 100 passengers remained in Sihanoukville, while others were elsewhere in Cambodia or had travelled to other countries.
Related: Cruise ship stranded in Cambodia due to ‘extraordinary fuel costs’: Travel Weekly Asia