GM owes IPG and Publicis $167 million in unpaid bills
By Ian Darby, campaignlive.co.uk, Tuesday, 02 June 2009 09:15AM
LONDON - General Motors owes Interpublic and Publicis agencies $167 million in unpaid bills, according to the bankruptcy filing made by the automotive company yesterday.
The majority of the money owing, $121 million, is to Publicis’ Starcom MediaVest agency for unpaid media bills.
Interpublic Group is owed $16 million, Publicis Groupe $25 million and McCann Erickson $4.6 million.
Despite owing money to a long list of creditors and filing for bankruptcy with $172 billion of debts, GM has launched a new commercial explaining that filing for bankruptcy will ultimately result in a stronger GM.
The money owed to agencies by GM dwarfs the $58 million that Chrsyler owed its network, BBDO, when it filed for bankruptcy last month.
In Europe, the situation is potentially less dire for GM’s creditors as the German government has orchestrated a bail-out of its European operations financed by the Canadian company Magna International and Sberbank, a state-owned Russian bank.
Meanwhile, Deutsch LA has released a new ad outlining the restructuring planned by the company (see video above).
This article was first published on campaignlive.co.uk
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