This does not sound or look good.  Let's hope they can restructure and fund the business through the covid19 issues.

All aboard: Restructuring firm called in on Queensland airport rail service

Fact check; following copied from that article is a pack of rubbish!!!!
...... provide advice on Airtrain — the Queensland rail service that transports passengers between the Gold Coast and Brisbane Airport .....

Airtrain is **only** the branch bit from Toombul out to the airport. The rest of the Line from the Gold Coast is QR, as is the rollingstock, apart from a small number of carriages. Proof is there is a steep fare surcharge for travelling on the Airtrain portion and that only applies if you travel on that airport branch. Otherwise a standard Gocard fare applies from the Gold Coast to any normal station such as QR's own Toombul near where the airport branch diverts. While the train from the gold Coast has 'Airport' on the destination sign, the train services the in between QR stations such as Beenleigh, or city etc by a Gocard fare, and you can change from a Gold Coast train to any other train, such as Ipswich or Cleveland etc regardless of the train having airport on the front.

Similarly I can get an airport train from Roma St to suburban Eagle Junction on a normal Gocard without going all the way to the airport and its steep fare. Taxi companies are very happy with the high Airtrain fare as a group can get a taxi from the airport to the city hotel and ony pay the taxi fare. Otherwise all of them would pay the individual Airtrain fare.
https://jp.translink.com.au/plan-your-journey/timetables/train/t/airport-line

The investors paid $115m upfront, purchasing future surcharges from the 2 airport stations - it seems that they borrowed a tidy sum to assist with it. With flights curtailed, there is minimal income to service the debt. Unless the lenders are very generous, investors will lose at least some of their money.

You could write the same story about any property investor who loses their tenant. Or hotel owner.

Welcome to investing, folks! Sometimes things go wrong.

The investors paid $115m upfront, purchasing future surcharges from the 2 airport stations - it seems that they borrowed a tidy sum to assist with it. With flights curtailed, there is minimal income to service the debt. Unless the lenders are very generous, investors will lose at least some of their money.

You could write the same story about any property investor who loses their tenant. Or hotel owner.

Welcome to investing, folks! Sometimes things go wrong.

This is the 2nd time. The first time they had to right off alot debt as growth didn't match actual. However I thought in recent years the line was generating good volumes and assume meeting previous expectations.

International travel will likely be near zero for up to two years. Domestic travel will take a hit for a few years as business has on line meetings more effective than previously accepted and in general work from home growth and a shift back to road trip holidays.

Sydney's PT numbers for Oct to Dec appear to be around 50 - 60% of that for 2019, so its clear people are not venturing out as much or potentially choosing personal transport over PT and this will take some time to return ack to 2019 levels.

I'm sure apart from high profile PT projects such as Sydney Meto West, Metro SW and Melbourne and Perth Airport lines, the various state govt's are reviewing capacity creep projects and the potential to delay/postpone where possible to help reduce the deficits in govt budgets caused by the economic down turn and reduce rising debt.