MIAMI — Florida’s Brightline rail service is scrambling to avoid bankruptcy after an outside auditor warned that the company lacks the cash to keep paying its bills, according to financial disclosures.
The privately run passenger train operator, which runs between Miami and Orlando, carries $5.5 billion in debt. It was scheduled to make a $117 million interest payment this year, but deferred it while it hunts for outside investors by June 15, The Wall Street Journal reported. Creditors have already engaged restructuring advisers after the auditor flagged “substantial doubt” about Brightline’s ability to continue operating as a going concern.
Despite the cash crunch, the company posted its strongest quarter ever in the first three months of 2026. Ridership and revenue both hit record highs, with March showing 20% growth compared with the same month a year earlier, Brightline said in a statement.
“Brightline continues to demonstrate strong momentum, with first quarter 2026 marking the highest ridership and revenue performance in our history, with 20% year over year growth in March,” the company said. It added that it is “engaged with our partners on various options to enhance our balance sheet and position our company for long-term success.”
Brightline owns or controls 235 miles of track in Florida and has long-term plans to extend service from Orlando to Tampa. The company has also teamed up with airlines, including a 2025 partnership with JetBlue that lets passengers book train legs alongside flights, and it recently added booking options through the Amadeus travel platform.
The financial red flags come as a surprise to some riders who have praised the service for its comfort and convenience compared with flying or driving the same routes. Still, analysts and creditors appear unconvinced that recent ridership gains will be enough to service the massive debt load without fresh capital.
Brightline officials declined to comment beyond the written statement. The company continues to run trains on its existing routes while it negotiates with lenders.