The operator's four ships were seized Sept. 14 on the high seas in three countries by New York investment banker Donaldson Lufkin & Jenrette after the line missed its August mortgage payment. The ships are collateral for the unspecified loan. Premier lost $20 million in 1999 and $70 million in 1998.
The federal agency is contacting Greenwich Insurance Co., the underwriter of the $15 million bond, to set up a refund payment process.
The largest passenger refund in the commission's 34-year history is the $12.5 million paid out by Regency Cruises in 1995.
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