Brightline, the Florida private rail operator, has filed for Chapter 11 bankruptcy protection in New Jersey. According to Sina Finance, the Miami-based company said its assets and liabilities are both in the $1 billion to $10 billion range, after years of revenue falling short of expectations and billions of dollars in project-finance debt it could not repay.

The company, backed by Fortress Investment Group, spent most of this year suspending interest payments and holding intensive talks with creditors in an effort to win support for restructuring its $5.5 billion debt load. According to Sina Finance, the filing is a setback for Fortress co-founder and billionaire Wes Edens, who conceived the railway in 2012, while the bankruptcy also has implications for the municipal bond market.