Florida private rail company Brightline files for bankruptcy amid mounting debt

Florida-based Brightline files for bankruptcy protection. After years of revenue falling short of expectations, the private rail operator is unable to repay the billions of dollars in debt owed on project financing. Miami-based Brightline filed for Chapter 11 bankruptcy protection in New Jersey. The filing shows both its assets and liabilities are in the range of $1 billion to $10 billion. Backed by Fortress Investment Group, the company has suspended interest payments for most of this year and has been in intensive negotiations with creditors, seeking support from multiple creditors to restructure its complex $5.5 billion debt.