Brightline, the privately owned rail service that runs between Miami and Orlando Airport, has filed for Chapter 11 bankruptcy protection.
The filing -- which involves Brightline's holding company, but not its Florida operating subsidiary -- will not affect service along the 235-mile line, the company said.
"This is a financial restructuring that is not expected to impact operations," Brightline CEO Nicolas Petrovic said. "It will give Brightline the balance sheet to match the growth we're already seeing across the business."
In its restructuring announcement, Brightline identified a debt load of $4.4 billion. The Wall Street Journal reported debt of $5.5 billion across the company's Florida entities.
Brightline said that existing investors have committed $490 million to fund the restructuring and increase liquidity.
The company said it will continue to pursue growth initiatives, including the development of a station in Cocoa Beach and commuter access along its lines in the Miami, Fort Lauderdale and Palm Beach areas. Exploration of an expansion from Orlando to Tampa will also continue.
The bankruptcy filing does not include Brightline West, which would connect Las Vegas with San Bernadino County on the eastern edge of the Los Angeles metroplex.
A Brightline West spokesman said the entity's focus remains on completing financing so that it can move the project forward.
Brightline launched Florida operations in 2018, connecting Miami to West Palm Beach. Service to Orlando began in 2023.
The line, which makes the trip between downtown Miami and Orlando Airport in three and a half hours, has fallen short of ridership goals. However, 2026 has been a year of growth. Ridership and revenue through August were up 14% year over year respectively, the company said. In July, the last month for which the company has posted details on its website, ridership was 289,000.