Brightline is evaluating bankruptcy-loan proposals from its largest creditors after failing to secure a buyer by a self-imposed deadline last month, according to sources familiar with the matter.

The Florida passenger railroad is considering competing offers from municipal and corporate bondholders who would provide loans to keep operations running during court restructuring. These lenders could end up owning Brightline as part of the debt restructuring process.

Brightline's financial struggles highlight challenges in the passenger rail sector, where infrastructure costs and ridership fluctuations have strained balance sheets nationwide. The company now faces the prospect of creditor ownership, with no immediate alternative financing options on the horizon and operations increasingly dependent on court-supervised restructuring.