Brightline Florida Reaches Agreement on Financial Restructuring, Securing $490 Million in New Financing Commitments and Significantly Reducing Debt

• $490 million of new financing to be committed by existing stakeholders to fund restructuring needs and provide ample liquidity
  
  
• Brightline's Miami-to-Orlando high-speed rail operations are not impacted
  
  
• The $2.2 billion Brightline Trains Florida LLC Issue, Series 2024 (Tax-Exempt) Bonds and the bond insurance policy issued by Assured Guaranty to remain outstanding
  
  
• Brightline entities Brightline Florida Holdings LLC and AAF Operations Holdings LLC will also be unaffected, and the $985 million Brightline Florida Passenger Rail Expansion Project, Series 2025B Bonds, the $925 million AAF Operations Holdings LLC Issue, Series 2024 (Tax-Exempt) Bonds and the $285.7 million AAF Operations Holdings LLC Issue, Series 2024A (Tax-Exempt) Bonds will remain outstanding, with no reduction in aggregate principal amounts
  
  
• Brightline will continue to pursue multiple growth initiatives including the development of additional stations along its corridor, including in Cocoa, the development of commuter access in Miami-Dade, Broward, and Palm Beach Counties, and the expansion of the passenger rail system from the Orlando station to Tampa
  
  
• 2026 year-to-date ridership and revenue, through the month of August, have grown 14% and 17%, respectively versus 2025

MIAMI, Sept. 25, 2026 /PRNewswire/ -- Brightline, Florida's high-speed passenger rail system connecting Miami-to-Orlando, today announced that certain entities associated with the company have entered into a Restructuring Support Agreement (the "RSA") with certain of its financial stakeholders including Assured Guaranty, Inc. and an ad hoc group of Mutual Fund bondholders. The RSA will significantly deleverage Brightline's balance sheet and greatly improve liquidity.

As part of the RSA, supporting stakeholders have committed to provide $490 million of new long term capital to Brightline Trains Florida LLC, consisting of $140 million of additional senior debt and $350 million of new junior debt. 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. In addition, the $985 million Brightline Florida Passenger Rail Expansion Project, Series 2025B Bonds, the $925 million AAF Operations Holdings LLC Issue, Series 2024 (Tax-Exempt) Bonds and the $285.7 million AAF Operations Holdings LLC Issue, Series 2024A (Tax-Exempt) Bonds will remain outstanding, with no reduction in aggregate principal amounts, through the restructuring.

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. Certain obligations under the new financing described above, including those of the non-operating parent entities that will file for Chapter 11, are subject to Bankruptcy Court approval. Brightline Trains Florida LLC, which operates Brightline Florida's train service, will not file for Chapter 11 and will continue to operate in the ordinary course under the leadership of its existing management team. Brightline Florida Holdings LLC (the entity that indirectly holds the rights to develop commuter service in Miami-Dade, Broward and Palm Beach Counties) and AAF Operations Holdings LLC (the entity that indirectly holds the 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. 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," said Patrick Goddard, Chief Executive Officer of Brightline Florida. "This transaction will be a catalyst for further growth in ridership and revenue. We are grateful to our creditors, advisors, vendors, teammates, and guests for their confidence throughout this process, and we look forward to the bright future ahead."

Brightline has demonstrated a 17% year-over-year increase in total revenues through the first eight months of 2026.

Nicolas Petrovic, Chief Executive Officer of Brightline Train Development LLC, an affiliate of the Company, said, "This is a financial restructuring that is not expected to impact operations. 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."

ADVISORS
Skadden, Arps, Slate, Meagher & Flom LLP and Cole Schotz LLP are serving as legal advisors to Brightline. Perella Weinberg Partners LP and Houlihan Lokey Capital, Inc. are serving as Brightline's investment bankers, and Alvarez & Marsal North America, LLC is serving as Brightline's financial advisor. Milbank LLP and Lazard Inc. are advising Assured Guaranty. Herbert Smith Freehills Kramer (US) LLP and GLC Advisors & Co., LLC are advising the ad hoc mutual fund group.

Court filings and other information are available on a separate website administered by the Company's claims agent, Stretto, at https://cases.stretto.com/brightline

ABOUT BRIGHTLINE
Brightline seamlessly connects travelers to top destinations and major events between Central and South Florida with stations in Miami, Aventura, Fort Lauderdale, Boca Raton, West Palm Beach, and Orlando. Brightline offers a hospitality-centric experience designed to reinvent train travel at a comparable price to driving or flying. Brightline is recognized as one of TIME100's Most Influential Companies, one of the World's 50 Most Innovative Companies by Fast Company, and one of the fastest-growing private companies in the Southeast by Inc. For more information, visit www.gobrightline.com and follow us on Facebook, Instagram, and X.

MEDIA CONTACTS:
Brightline Media Relations: [email protected]

--GOBRIGHTLINE--

SOURCE Brightline