Brightline is expected to file for Chapter 11 bankruptcy as soon as this week to restructure about $5.5 billion in debt, according to financial media outlets including Bloomberg and The Wall Street Journal. The rail line plans to keep its trains running on schedule despite the filing. The expected bankruptcy raises new questions about the long-delayed Stuart station project and future Treasure Coast rail service.
Brightline selected Stuart as its designated Treasure Coast stop more than two years ago, but project timelines and cost-sharing agreements have remained a frequent topic of debate. The proposed station in downtown Stuart has faced a winding road of funding discussions, local debates and regional planning.
The company reported in June that total ridership was 292,339, up 15 percent year-over-year, with average daily ridership of 9,745. Brightline has been offering service from South Florida to Orlando for the past three years, a massive expansion project that cost the company $6 billion and took four years to complete.
Brightline's June ridership report also mentioned that the company still plans to construct a station in Cocoa and to extend the rail system from Orlando to Tampa.