> Rick Scott's Brightline's future in "substantial doubt" amid financial troubles

Florida had free federal funding for a high speed train, Rick Scott refused it.  Then it was discovered that Scott invested in Brightline and was to profit from it. (see https://www.cbsnews.com/miami/news/gov- … d-florida/ )

Auditors for Brightline say there is "substantial doubt" that the private train company can avoid bankruptcy due to a lack of cash needed to pay off debt.

Why it matters: In car-dependent South Florida, Brightline has struggled to raise its fares or attract enough passengers to sustain the business.

    Bloomberg Law obtained an assessment of the company's finances by auditor Ernst and Young, which lays out Brightline's dire financial straits.

The big picture: The company, which launched in 2018, runs local trains between downtown Miami and West Palm Beach, but the region's lack of transit infrastructure limits last-mile connectivity.

Driving the news: Auditors wrote that Brightline "has stated that it does not currently have the liquid funds necessary to service its debt and meet such other obligations as they become due."

    Brightline — which has about $5.5 billion in debt — is supposed to pay $117 million in interest this year, WLRN and Bloomberg report.
    The company has delayed payments that were due earlier this year.

The latest: Bloomberg reports that Brightline is seeking to avoid a possible bankruptcy by searching for third-party investors.

Follow the money: Brightline made $214 million last year, an increase of 14%, but only half of what the company was expecting, WLRN reported.

    The rail line reported an operating loss of $127 million last year, not including interest payments.


...

https://www.axios.com/local/miami/2026/ … cy-florida