Florida’s Ailing $6 Billion Rail Line Has Debt Vultures Circling

It’s becoming clearer by the day that Brightline, the struggling Florida private railroad, is shaping up to rank among the biggest municipal-bond restructurings ever, alongside the likes of Puerto Rico and Detroit.

But that’s where any clarity around the future of billionaire Wes Edens’ $6 billion passion project ends.

The Fortress Investment Group-backed railroad’s complex debt structure — a mix of municipal and corporate notes issued by four subsidiaries — is among the biggest challenges, as are the pack of firms jockeying for position in any workout scenario.

Invesco Ltd.and Nuveen LLC, giants in the ...