We are advising an ad hoc group of noteholders in connection with Brightline Florida’s chapter 11 proceedings

Davis Polk is advising an ad hoc group of holders of senior secured notes issued by Brightline East LLC (the East Noteholder Group) in connection with financing to Brightline Trains Florida LLC (OpCo) and the chapter 11 proceedings of certain OpCo affiliates, including Brightline East (the Brightline Debtors and together with OpCo, Brightline Florida). On September 24, 2026, the Brightline Debtors filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey. Prior to the first day hearing, Brightline Florida executed a restructuring support agreement (RSA) with various creditors, including the East Noteholder Group. The RSA provides, among other things, (i) $257.7 million in postpetition financing to be issued by OpCo and funded in part by members of the East Noteholder Group, (ii) $490 million in aggregate exit financing and (iii) primary equity and warrants totaling over 17% of OpCo equity in the aggregate allocated to the East Noteholder Group. At the “first day” hearing, the Bankruptcy Court granted the Brightline Debtors’ entry into the DIP facility on an interim basis, as well as other customary relief.

Brightline Florida is America’s only privately owned and operated high-speed passenger rail company. Brightline Florida transports millions of passengers each year between Miami and Orlando, Florida, with stops in Aventura, Fort Lauderdale, Boca Raton and West Palm Beach.

The Davis Polk restructuring team includes partners Damian S. Schaible and Adam L. Shpeen, counsel Jarret Erickson and associates Stephanie Rosner and Daniel Feit. The finance team includes counsel Brian Hecht and associates Joseph William Bretschneider and Christopher Martin. The litigation team includes partner Elliot Moskowitz and counsel Michael Nadler. Partner Elena Maria Millerman is providing infrastructure finance advice. Partner Corey M. Goodman is providing tax advice. All members of the Davis Polk team are located in the New York office.

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