Lack of Interest Thwarts Bond Sale

Lack of interest has thwarted for now the plans of Fortress Investment Group to sell bonds to support its $8.4 billion Brightline West high speed rail project connecting Las Vegas and Southern California.

Fortress was facing a Dec. 1 deadline imposed by the state of California to sell the bonds but it now plans to take back the bond capacity and instead use it on affordable housing projects and other kinds of qualifying ventures.

A Brightline spokesman said the plans to develop the route will still move forward but will result in shifting the funding goals until the market improves.

Fortress had been offering $3.2 billion in bonds issued through California and Nevada agencies.

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