Brightline is facing challenges including ridership and revenue running behind targets, delayed interest payments, and a slew of train-related deaths, with Petrovic acknowledging that "the debt is too high" and that the company needs to find a way to make it match what the company can deliver.
Nicolas Petrovic is staking his reputation on turning around Brightline Holdings LLC as he takes over as chief executive officer of the struggling private rail operator.
Petrovic, former head of Eurostar International Ltd., replaces Mike Reininger, who served as Brightline CEO since 2021. Reininger will focus solely on the construction of Brightline West, a high-speed train line stretching between Southern California and Las Vegas that's expected to be up and running by 2029. The Fortress Investment Group-backed company also named Mauricio Anderson as its chief financial officer, replacing Jeff Swiatek who left this month, according to a company statement.
The changes come at a critical time for Brightline. Ridership and revenue in Florida are running more than 50% behind targets, delayed interest payments and a slew of train-related deaths have hurt the brand. Brightline is poised to default on its senior debt next January, according to S&P Global Ratings in a December downgrade. The rail company is considering borrowing $100 million to keep running.
But transforming a struggling high-speed rail venture into a profitable business is familiar ground for Petrovic. Eurostar -- which connects the United Kingdom with France, Belgium, Germany and the Netherlands -- turned its first profit in its then 17-year history in 2011 when Petrovic was CEO. He left the company in 2018. Convincing bondholders he can do the same at Brightline will be key.
"It's really the most exciting rail project for passengers at the moment in the world," Petrovic said in an interview. But, he acknowledged, "the debt is too high. So we have to find a way to make sure that matches what the company can deliver."
Petrovic dismissed past projections and pointed to double-digit growth across Brightline's Miami-to-Orlando line. Ridership reached 2.8 million passengers in the first 11 months of 2025.
Revenue grew 14% to $193 million in the same period. But the train continues to burn cash and the prices of its bonds have tumbled. Brightline's senior uninsured bonds traded as low as 65 cents on the dollar, after starting 2025 at above par. One unrated, junior security changed hands for as little as 30 cents on the dollar.
Founded by billionaire Wes Edens, Brightline has borrowed heavily in a bet that Americans are ready for intercity train travel for distances the Milwaukee Bucks co-owner has said are "too long to drive, too short to fly."
Brightline has an interest payment due Thursday on $1.2 billion of junior municipal bonds. Reininger said the company is examining its entire balance sheet and restructuring talks with bondholders are ongoing.
Meanwhile, the price tag for the firm's next landmark project, Brightline West, which is expected to reach speeds of up to 200 miles per hour, has ballooned to $21.5 billion. Brightline, and its investors, are banking on a $6 billion federal loan to help pay for it.
Petrovic's goal is to develop an operating model in Florida that can be adapted for the rail connecting Rancho Cucamonga and Las Vegas.
"The idea is that we'll have a platform that's being built on the Florida side for operations, commercial systems, know-how, culture, brand, that we can deploy on the West," Petrovic said.
The 56-year-old Petrovic also highlighted his connections to international investors.
"To get them the return they would expect from any of their investments is definitely something I've done in the past," he said.
The firm wants to raise $4 billion in equity from international investors, like sovereign wealth funds and domestic pension funds and private equity firms, to cover the increased construction costs for 218-mile Brightline West, according to a November investor call.
The company is also looking to raise an unspecified amount of equity to bolster the Florida line's cash as it works to whittle down debt.
Safety concerns have also dogged the railroad. Brightline trains in Florida have killed almost 200 people since 2017, according to the Miami Herald. The railroad, which runs an average of 35 trains a day, crosses busy roads at street level.
Brightline has been awarded $65 million in state and federal grants for safety projects including fencing, barricades and a trespassing alert system.
Reininger said Brightline Florida has gone beyond statutory and regulatory guideline to create a safe railroad.
"We have not had any incidents that have been the result of improper operation or failed equipment," Reininger said. "There is not a simple silver bullet. It's a question of constant diligence."
Going Off Road
Bringing on new riders will be key for Petrovic, who most recently was in charge of the passenger division for the first national railway system in the United Arab Emirates, Etihad Rail. The UAE is expected to launch its national passenger rail in 2026.
Prior to that, Petrovic served as CEO of Siemens France.
The World Cup this summer will be his first test. Brightline provides direct service to Miami's Hard Rock Stadium which will host seven matches of the world's most popular sporting event. The state's tourism authority projects as many as 1 million visitors in greater Miami.
In his eight years leading Eurostar, the native Frenchman launched service between London and Amsterdam, introduced a new fleet of trains and even hired a Michelin-starred chef as culinary director for business class travelers to attract passengers.
While some riders in Florida have raved about Brightline's amenities like free Wi-Fi and perfume-scented lounges for first-class travelers, others prefer the convenience and lower cost of driving. It will be up to Petrovic to convince them to ditch the car.
"I've worked all over the world," Petrovic said. "People, when they see a good product, they take it."