Brightline creditors hire restructuring advisers after going-concern warning

6 articles · Updated · The Wall Street Journal · May 7

Lenders holding uninsured operating-company senior bonds hired Cleary Gottlieb, while a parent-bondholder group retained Cadwalader as the Florida rail operator wrestles with $5.5bn of debt.
The advisers join other creditor groups already in talks with Brightline, amid concern the company could pursue a deal that sidelines some lenders and weakens their position in any restructuring.
Brightline, backed by Fortress, deferred municipal-bond interest payments through 15 May, has seen debt downgrades and faces rising bankruptcy risk despite improved ridership and efforts to raise capital.

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