Villa Vie Set to File Chapter 11 After Odyssey Residents Left in Cambodia

Villa Vie Residences plans to file for Chapter 11 bankruptcy after suspending operations of the Villa Vie Odyssey and sending its remaining residents ashore in Sihanoukville, Cambodia, CEO Mikael Petterson told CBS News.

More than 200 residents, most of them Americans, were disembarked earlier this week in Cambodia when the Florida-based company halted operations on Tuesday.

Petterson blamed fuel costs that spiked after the war with Iran began in late February.

According to CBS News, Petterson said the company had paid an average of $700 per ton for fuel before the war and has since paid between $2,000 and $3,000 per ton.

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