Villa Vie Residences halted cruise ship service in Cambodia
Villa Vie Residences suspended operations in Cambodia, leaving more than 200 passengers, mostly Americans, stranded in the country. The company cited extraordinary increases in fuel costs. Its CEO said the operator had run out of money while seeking a financial partner and planned to file for Chapter 11 bankruptcy.
More context
Villa Vie Residences, a Florida-based company operating the residential cruise ship MV Odyssey, halted its service in Cambodia, where over 200 passengers, most of them Americans, were left stranded in the port city of Sihanoukville. The ship had been on a continuous around-the-world voyage for two years. The company pointed to an exceptional surge in fuel expenses and said it was evaluating restructuring and recapitalization options. CBS News reported that the company’s chief executive said it had exhausted its funds as it looked for a financial backer and intended to seek Chapter 11 bankruptcy protection. The executive also said the company had borrowed money and stretched payrolls as far as it could, but needed new capitalization. The operator said it could not simply pass fuel-cost increases on to residents, putting its operating model under unsustainable financial pressure.
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Reporting
- CBS News — CEO says plan is to file for bankruptcy after ending luxury never-ending cruise that left hundreds stranded - CBS News
- The New York Times — An ‘Endless’ Cruise Around the World Is Suspended, Leaving Passengers Stranded - The New York Times
- WION — ‘Abandon ship!’ 200 cruise passengers stranded in Cambodia as company runs out of cash
- The Guardian — Passengers stranded in Cambodia after cruise halted due to high fuel costs
- gnyouth.net — Cruise ship passengers stranded after operator says it ran out of money due to fuel costs
Verifier’s note
CBS News, The New York Times, WION, and The Guardian report that Villa Vie’s cruise operations were halted in Cambodia amid financial pressure from high fuel costs, leaving passengers stranded. gnyouth.net carries a duplicate of the CBS News report.