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Florida's high-speed rail line appears to be floundering, even as ridership is up.
Financial reports show Brightline has been borrowing loan after loan and faltering on its debts. Brightline borrowed over $22 million in May to cover daily operations and interest on other debts, according to its ridership and revenue report, and then borrowed another $21 million in June in part to pay off an earlier loan.
The rail line has been trying to sell ownership in the company to help get it out of debt.
Credit ratings agency Fitch reports that Brightline will likely fail to make future debt payments due by January.
It did get an extension to today on a missed July 15th payment of more than $2 billion borrowed through the issuance of bonds.
All this as Brightline made $18 million more during the first six months of this year compared to the same time last year.