Financially troubled Brightline, the higher speed railroad between South Florida and Orlando, is pursuing ways to raise $100 million for operations and has put up for sale the seven-story parking garage it owns next to the downtown Fort Lauderdale station.
The moves come as revenues and ridership showed improvement, according to Brightline’s monthly financial report for November. But the results are still not good enough to keep pace with the company’s burdensome cash needs to cover debts and day-to-day operations, according to ratings agencies that have downgraded the company’s bonds during the year.
“We think that switching riders from alternate modes, automotive in particular, is more challenging than originally forecast,” S&P Global Ratings said in its most recent note on Brightline’s financial state this month. ”Fares that have been drastically discounted to encourage new riders have proven particularly sticky, and we believe that [the rail line’s] projected growth in ticket revenue into 2026 is unlikely to materialize.”…