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Home›Real Estate›Industry›Brightline-backed railroad in New Jersey eyes Chapter…

Brightline-backed railroad in New Jersey eyes Chapter 11 filing

WSJ Markets reports the company is moving toward bankruptcy after piling up more than $5.5 billion of debt and seeing slow ridership growth.

Reported · Written up by our desk · Industry

The Wall Street Journal reports that Brightline, backed by Fortress Investment Group, is planning an imminent Chapter 11 bankruptcy filing in New Jersey.

According to WSJ Markets, the railroad has struggled with slow ridership growth while carrying more than $5.5 billion of debt.

The outlet said the planned bankruptcy filing reflects the company’s financial pressure as it evaluates restructuring options.

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Sources

WSJ MarketsFlorida Railroad Brightline Plans Imminent Chapter 11 in New Jersey

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