Villa Vie Residences suspended the MV Odyssey’s voyage in Cambodia after fuel costs rose sharply, while Business Insider reported that the operator had sought additional resident contributions months earlier.
On Oct. 27, the company said it had halted operations in Cambodia as it pursued restructuring and recapitalization over the next 60 days. Villa Vie estimated that monthly fuel expense per cabin in some Asian locations had climbed to $6,000 to $8,000, compared with a historical average of about $1,800. It said slower sailing and longer port stays since the conflict began in late February had not reduced costs enough. The company said it could not pass the full increase on to residents or continue absorbing the resulting operating losses. The Associated Press linked the higher fuel costs to reduced traffic through the Strait of Hormuz during the Iran war.
Business Insider said it reviewed a screenshot of an Aug. 1 message from CEO Kathy Villalba. The outlet reported that she told residents an earlier fuel contribution had not included everyone and urged them to contribute if they had not already done so, or add to an earlier payment if they could. Villalba wrote that the company needed to make choices to “preserve the voyage,” Business Insider reported.
The Associated Press-reported onboard count was 203 passengers, mostly Americans, and 156 crew members. The voyage began in Belfast in October 2024 and was intended to last three and a half years. Villa Vie said it was coordinating disembarkation and temporary living arrangements for residents.
Mikael Petterson told CBS News on Oct. 28 that the company planned to file for Chapter 11 bankruptcy protection. CBS identified Petterson as Villa Vie’s CEO. Business Insider separately reported that he was considering bankruptcy. Villa Vie’s Oct. 27 statement said no financing or transaction had been finalized and no outcome was assured; it did not announce a bankruptcy filing.
The Associated Press cited a statement from a Cambodian provincial official saying the ship was expected to refuel and depart Saturday, Oct. 31; Villa Vie had not confirmed a departure date.
