Publicis reveals €55 million GM exposure
By Ian Darby, campaignlive.co.uk, Friday, 05 June 2009 09:15AM
PARIS - Publicis Groupe has revealed that its maximum exposure to losses from the bankruptcy of General Motors amounts to €55 million.
GM announced earlier this week that it owes Publicis Groupe $25 million and its media network Starcom MediaVest $121 million in unpaid media bills.
But Publicis today said that is liable to pay the lower figure principle of sequential liability, which means that it can only be liable for payment of bills for which it has already received payment from GM.
Publicis said that it expects this exposure to be significantly reduced when a new company is formed out of GM and that it expects its relationship to continue with the new company.
On Monday GM filed for bankruptcy with the US courts but is expected to relaunch with a restructuring plan and sale of its businesses to a new company.
This article was first published on campaignlive.co.uk
- Freelance Digital Designer - Mobile & Apps Aspire £200 - £280 per day, City of London
- ARTWORKERS - DIGITAL, INTEGRATED, BRANDING Live Recruitment £competitive, England
- ART DIRECTORS - DIGITAL, INTEGRATED, BRANDING Live Recruitment £competitive, England
- Senior Digital Project Manager Digital Gurus £45000 - £52000 Per Annum benefits, London
- Events Producer - London based brand engagement agency - 3 month contract Bamboo Crowd £35000-£40000, London (Greater)
- Virgin Media 'night owl' ad to break in Gogglebox
- Johnnie Walker calls global ad review
- Adam & Eve/DDB wins 2014 IPA Effectiveness Awards Grand Prix
- Testicular cancer awareness campaign launches comedy show
- Enjoyed getting an hour back on Sunday? You'll get years back if you stop smoking, says charity
- Tiffany & Co hires MEC for $100m global media