Merchant of Venice

What bad news did Antonio's letter contain?

From "The Merchant of Venice" by William Shakespeare

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Did you mean in Act 3 scene 2? Jessica, Lorenzo and Salerio arrive at Belmont. Bassanio is happy to see all of them, but Salerio then hands him a letter from Antonio. Bassanio turns pale at the news that Antonio has lost his fortune and his ships, and he asks Salerio if it is true that all of Antonio's ventures have failed. Salerio tells him it is true, and that Shylock is so excited about getting his pound of flesh that even if Antonio could repay him he would likely refuse it.

Dear Bassanio, my ships have all been wrecked. My creditors are getting mean. My money’s almost run out. I couldn’t pay my debt to the Jew on the due date. Since I’ll certainly die when he takes his collateral out of my flesh, all debts are cleared between you and me if I can just see you again before I die. In any case, do what you want. If your affection for me doesn’t convince you to come, don’t let my letter do so.