WEST PALM BEACH, Fla. (CBS12) \u2014 Overnight, Brightline confirmed it reached a deal to restructure its finances, following reports that the company was nearing a Chapter 11 filing.<\/p>\n
The bottom line for riders is that Brightline says trains between Miami and Orlando will continue running as normal.<\/p>\n
Brightline says the new deal brings in $490 million in new financing. The money will help reduce the company\u2019s debt and improve its cash position.<\/p>\n
Some of Brightline\u2019s non-operating parent companies will enter pre-arranged Chapter 11 cases. However, Brightline Trains Florida, the company that actually operates the trains, will not file for bankruptcy.<\/p>\n
\u201cBrightline is a critical part of Florida\u2019s transportation network that has changed the way people move around the state. Today\u2019s 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,\u201d said Patrick Goddard, Chief Executive Officer of Brightline Florida. \u201cThis 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.\u201d<\/p>\n