State of Florida

The value of the Florida cancer treatment center and the mortgaged property is unlikely to cover the bond debt, the trustee said.

"It behooves everybody to get something consensual," said a Florida bankruptcy attorney.

The grace periods are getting shorter.

The Build America Bureau "continues to work with the project sponsor to obtain the information required for the creditworthiness review," said a USDOT spokesperson.

Bondholders also waived an event of default for $22 million of senior debt that Brightline took on in May.

After the DOT "expedited" a $25 million investment in the train, Q1 trespassing incidents and collisions on Brightline Florida fell 30% year-over-year, the office said.

"I don't mind owning a railroad for $2.4 billion," said Assured CEO Dominic Frederico.

Florida PACE Funding Agency says it will have to default on its bonds unless the Florida Supreme Court takes quick action.

The Republican governor and GOP leaders of the state House and Senate will negotiate over three budget visions and a plan to cut local property tax revenue.

After Ken Paxton's opinion said giving preferences based on sex or race is unconstitutional, his office set a new certification requirement for bond issuers.

The company has the option to defer interest payments three times without triggering a formal default.

Unless the state government makes changes to revenue or expenditures Florida faces a combined deficit of $8.1 billion in fiscal years 2027-28 and 2028-29.

The risk Brightline Florida poses to the rest of the high-yield market may manifest in fund flows, investors said.

Some bondholders have retained legal counsel while others are in the dark about the company's plans.

Florida lawmakers passed a state budget and approved plans to pay off $830 million of debt in fiscal 2026 in advance of maturity.

Gov. Ron DeSantis wants property tax cuts and House Speaker Daniel Perez wants a sales tax cut as future state deficits are projected.

DeSantis' proposed all government activities budget is 2.5% lower than the current year's budget.

Florida sold $131.9 million of bonds Wednesday with double-barreled backing from the state's fuel tax and its full faith and credit pledge.

"It's an unfortunate part of doing business," said an investor.

As the largest private-activity bond issuance and first investment-grade debt for American high-speed rail, this transaction, which also won Deal of the Year in the Innovative Financing category, opens new avenues for large-scale infrastructure projects in a traditionally underserved financing sector.