In 2004, Autobuses Estrella Blanca owned one of Mexico’s largest intercity bus fleets, with close to 4,400 buses covering a large part of the nation.

The company’s total debt at that time was more than US$900 million, held by Mexican credit institutions that had renegotiated credit terms for several years to make the debt payable and sustainable; the situation had changed, however, in the previous three years. With intervention from ZIMMA and support from the company’s executives and legal advisors, the debt was restructured over nine months and reduced by more than US$600 million, to US$300 million.

Subsequently, a company asset was sold for US$150 million to reduce the debt by an additional 50%.

In 2005, the company retained ZIMMA to obtain US$150 million of international capital, which was successfully negotiated but eventually not required.