Brightline West Floats $2.5 Billion Debt Swap to Investors (1)

The Fortress Investment Group-backed company building a high-speed passenger railroad between Southern California and Las Vegas is in talks with bondholders about exchanging $2.5 billion of municipal debt for new securities before a November deadline to complete a financing plan for the project, according to people familiar with the matter.

A group of bondholders has hired law firm HSF Kramer to represent them in discussions with Brightline West, said the people who asked not to be identified discussing private negotiations. HSF organized a preliminary call with all bondholders Tuesday, they said. All bondholders would have the opportunity to participate ...