‘Substantial doubt’ Brightline can stay in business

Brightline Faces Potential Bankruptcy as Auditor Raises Going-Concern Doubts

MIAMI — Florida’s Brightline rail service is scrambling to avoid bankruptcy after an outside auditor warned that the company lacks the cash to keep paying its bills, according to financial […] The post Brightline Faces Potential Bankruptcy as Auditor Raises Going-Concern Doubts appeared first on Sebastian Daily.

‘Substantial doubt’ Brightline can stay in business

Brightline has built a magnificent railroad, with gleaming stations in South Florida and Orlando and 235 miles of shining silver track for its busy fleet of high-speed trains, but it has gone broke doing it. As of Jan. 1 it had $1.37 million in unrestricted cash in the bank versus $120 million in accounts payable and accrued expenses – and things have gone downhill since then. After bringing in a new CEO and new chief financial officer in Januar…