Resident Bid to Save Odyssey Cruise Ship Fails

A resident-led attempt to purchase and operate the Odyssey cruise ship has failed after Sagar Capital LLC determined the plan was financially unviable. The bid, described by Resident Council member Paul Montoya as a "Hail Mary," collapsed because the group could not reach terms with the ship's lender and discovered higher-than-expected debt held by Villa Vie Residences, alongside significant potential legal liabilities.

Although 169 of the 203 residents on board made pledges, the total funds were insufficient to secure the vessel. Consequently, the ship's lender and Columbia Shipmanagement Limited have taken control of the Odyssey with the intention of selling it at auction.

This failure follows a chaotic sequence of events in Sihanoukville, Cambodia, where the ship abruptly halted last week and residents were given eight hours to disembark. Villa Vie Residences CEO Petterson Novaes previously indicated the company was considering bankruptcy and seeking an operational partner for recapitalization after a deal with former Margaritaville at Sea CEO Oneil Khosa fell through.