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Fortress-Backed Florida Rail Firm Warns of Construction Delay

  • Brightline’s Orlando expansion delayed to 2023: bond filing
  • Company needs to raise $500 million of bonds or other capital
The Florida Brightline express train in West Palm Beach, Florida.

The Florida Brightline express train in West Palm Beach, Florida.

Photographer: Scott McIntyre/Bloomberg
Updated on

Brightline Holdings, the Florida rail company backed by Fortress Investment Group, delayed its expected completion of an expansion to Orlando to next year and warned it may push it back further if it can’t raise capital over the next few weeks.

“Substantial completion” of the construction is now in early 2023, according to the company’s filings to bondholders Wednesday, compared with the estimate of late 2022 in the previous updates.