Villa Vie residents made a 'Hail Mary' effort to buy the Odyssey. Read the letter confirming the plan is dead.
A letter to residents reviewed by Business Insider confirmed that a last-ditch bid to buy and operate Villa Vie's Odyssey has failed.
A last-ditch effort by Villa Vie residents to buy and operate the Odyssey cruise ship has failed. The residents, who bought cabins for between $119,999 and $439,999, were given just eight hours to disembark on Tuesday. The bid was described as a "Hail Mary" by Paul Montoya, a member of the ship's seven-person Resident Council. Two days later, a resident-backed group called Sagar Capital informed the residents that the buyout plan had ended, according to a letter reviewed by Business Insider.
The group had spent two months trying to negotiate a deal but could not reach an agreement with the ship's lender, Villa Vie's additional debt, potential legal exposure, bankruptcy proceedings costs, and the financial risk to residents' savings. Sagar Capital cited these reasons for ending the bid, stating that it was more exploratory than a serious attempt.
Residents are now looking for other ways to save the ship, such as finding a benevolent soul to take over.
Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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