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Premier Cruise Lines has ceased operations and some Premier ships have been seized by authorities. The cruise line's banker, investment firm Donaldson, Lufkin & Jenrette (DLJ), made the decision to pull the plug on Wednesday after a summer of highly visible mishaps, and low booking numbers. DLJ held a first mortgage on most of the fleet in exchange for a $55 million line of credit which was extended to the troubled cruise line in 1998. It is expected that the ships will be put up for sale.
Passengers on board the line's ships first learned the news late Wednesday night. The Rembrandt was cruising off the coast of Canada when the captain received a message from the new owners to dock the ship in Halifax where passengers were disembarked Thursday morning. The vessel was seized by local authorities acting on behalf of the Federal Court of Canada which had received an impound order from DLJ. The Seabreeze which was in Halifax was also seized by authorities and the Oceanic returned to Nassau where she was impounded. DLJ was arranging the return transportation for the affected passengers.
The timing of the seizure was prompted by rumblings among other Premier creditors and the fact that the lines recent problems had pushed it to the brink of bankruptcy. In addition to giving DLJ more control of the fleet's disposition, the firm felt that by seizing the vessels themselves, they could ensure a safe and timely return home for the affected passengers.
The MS Edinburgh Castle (Big Red Boat II), which was on charter to Premier was seized by its owners Oceanic Marine Ltd. after the company notified Premier that it was withdrawing the charter. The ship was to return to New York with some passengers from Halifax. Premier's Seawind Crown is continuing to operate in the Mediterranean under charter to Spanish tour operator Pallmantur.
Passengers with reservations on Premier should be able to receive refunds out of a $15 million bond which was required of the cruise line by the Federal Maritime Commission (www.fmc.gov). The bond is also expected to cover travel agent commissions and port charges but does not cover air travel to the port of departure.
Most of Premier's 270 employees are expected to be laid off today.
Joe at TravelPage.com
CRUISE PASSENGERS STRANDED AS TROUBLED FIRM'S SHIPS ARE SEIZED
From Tribune News Services September 15, 2000 HALIFAX, Nova Scotia, CANADA -- Four luxury cruise ships owned by a U.S. company that abruptly suspended operations were seized by authorities Thursday in Canada, the Bahamas and Mexico. Officials said at least 2,400 passengers were put ashore.
The Rembrandt and the SeaBreeze were seized in Halifax, the Oceanic was impounded in the Bahamas, and the Big Red Boat III was taken in Cozumel, Mexico, officials said. All are owned by Premier Cruise Lines of Port Canaveral, Fla. The company said it was flying the stranded passengers back to their ports of origin.
"Premier Cruise Lines was forced to suspend operations," said a telephone recording at Premier's headquarters. "Our lender has taken possession of the ships pursuant to the ships' mortgages."
Premier shut down after its primary lender, the New York investment firm of Donaldson Lufkin Jenrette, obtained court orders to seize the four ships, which had been put up for collateral, Premier officials said.
Terry Donegan
Ultimate Bulletin BoardTM 6.1.0.3
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