Brightline Bankruptcy Explained

Brightline finally filed for bankruptcy and the internet rushed to declare private rail dead. We slow it down and unpack what’s actually happening: why trains can keep running through a restructuring, how a tangled ownership setup changes the story, and what $5.5B in debt teaches us about building passenger rail with long timelines and interest ticking from day one. We also go straight at the worst take we’ve seen online: that bankruptcy proves Americans don’t want trains. Ridership is risin...