WASHINGTON (dpa-AFX) - Brightline is restructuring its debt in bankruptcy court after investing more than $5 billion in developing its privately held passenger railroad, while continuing to operate trains between Miami and Orlando.
The restructuring does not affect Brightline West, the company's separate project to build a high-speed rail line between Las Vegas and Southern California.
Under an agreement with creditors, Brightline will receive $490 million in additional financing, including $350 million in new junior debt and $140 million in senior debt. Brightline Trains Florida LLC, which operates the railroad, has not filed for Chapter 11, although other Brightline Florida entities have sought bankruptcy protection.
The company reported a 14 percent increase in year-to-date ridership through August, while revenue rose 17 percent from a year earlier.
However, Brightline currently carries about 3.5 million passengers annually and generates roughly $240 million in revenue, below projections made in 2024. The company launched Miami-Orlando service in 2023 and hopes to eventually extend its network to Tampa.
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