Brightline Secures $490 Million in New Financing Through Restructuring Support Agreement
Florida's high-speed passenger rail system has entered a Restructuring Support Agreement with key financial stakeholders, committing $490 million in new long-term capital while keeping Miami-to-Orlando operations fully intact.
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Brightline, Florida's high-speed passenger rail system connecting Miami to Orlando, announced today that certain parent entities have entered into a Restructuring Support Agreement (RSA) with key financial stakeholders — including Assured Guaranty, Inc. and an ad hoc group of mutual fund bondholders — committing $490 million in new long-term capital to the company.
The financing consists of $140 million in additional senior debt and $350 million in new junior debt committed to Brightline Trains Florida LLC. Critically, the $2.2 billion Brightline Trains Florida LLC Issue, Series 2024 (Tax-Exempt) Bonds and the existing bond insurance policy issued by Assured Guaranty will remain in place through the restructuring, with no reduction in aggregate principal amounts.
Operations Fully Unaffected
To implement the RSA, certain Brightline parent entities will commence prearranged Chapter 11 processes in the United States Bankruptcy Court for the District of New Jersey. Brightline Trains Florida LLC — the entity that operates the train service — will not file for Chapter 11 and will continue to operate under its existing management team. Brightline Florida Holdings LLC (which holds commuter service development rights in Miami-Dade, Broward, and Palm Beach Counties) and AAF Operations Holdings LLC (which holds Tampa development rights) are also not part of the Chapter 11 process.
"Brightline is a critical part of Florida's transportation network that has changed the way people move around the state," said Patrick Goddard, CEO of Brightline Florida. "Today's agreement brings $490 million in new long-term capital to Brightline from the stakeholders who know this business, and it comes at a time of real momentum. This transaction will be a catalyst for further growth in ridership and revenue."
Strong Ridership and Revenue Growth
Brightline has reported 14% year-over-year ridership growth and 17% revenue growth through the first eight months of 2026 compared to the same period in 2025. The company continues to pursue multiple growth initiatives including additional stations along its corridor (including Cocoa), commuter access development in Miami-Dade, Broward, and Palm Beach Counties, and expansion from Orlando to Tampa.
"This is a financial restructuring that is not expected to impact operations," said Nicolas Petrovic, CEO of Brightline Train Development LLC. "It will give Brightline the balance sheet to match the growth we're already seeing across the business. Brightline continues to grow and the business is strong."
Brightline currently serves stations in Miami, Aventura, Fort Lauderdale, Boca Raton, West Palm Beach, and Orlando. Court filings and additional information are available at cases.stretto.com/brightline. For travel information, visit gobrightline.com.
The PGM Edit
Florida's high-speed passenger rail system has entered a Restructuring Support Agreement with key financial stakeholders, committing $490 million in new long-term capital while keeping Miami-to-Orlando operations fully intact.
Premier Guide Miami
The Live · Love · Play Dial
Brightline's financial restructuring — $490 million in new long-term capital, parent entities entering Chapter 11, train operations fully unaffected — is the kind of infrastructure story that shapes how South Florida moves. Ridership is up 14% and revenue up 17% year-over-year through August 2026. The Miami-to-Orlando corridor isn't going anywhere.
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