Villa Vie Odyssey Suspends Operations in Cambodia

Villa Vie Residences suspended operations of its residential cruise ship, the Villa Vie Odyssey, in Cambodia and ordered residents to disembark as the company faces sharply higher fuel costs. The company said it is seeking restructuring and recapitalisation over the next 60 days, but no outcome is assured and no financing or transaction has been finalised. A notice circulated to residents instructed them to leave the ship by 2 p.m. on October 26, according to a copy reproduced by passenger Randy Cassingham. The notice said the vessel would enter temporary layup and crew would remain aboard to maintain essential systems. Villa Vie said it was coordinating disembarkation and identifying temporary living arrangements. Cambodian deputy governor Long Dimanche said 203 guests and 156 crew arrived in Sihanoukville aboard the ship on October 23. He said some passengers flew out of Cambodia while others remained in the city. The Odyssey had been due to continue to Vietnam. Villa Vie founder Mikael Petterson told Bloomberg the company would cover local lodging and transportation, but not residents’ travel out of the country. Villa Vie said monthly fuel expense per cabin, historically...