The Week: GM collapses owing Interpublic and Publicis $167m

General Motors owes Interpublic and Publicis agencies $167 million in unpaid bills, according to the bankruptcy filing made by the automotive company this week.

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 since launched a new US ad explaining that filing for bankruptcy will result in a stronger GM.

In Europe, the situation is less dire for GM's creditors as the German government has arranged a bail-out of its European operations financed by the Canadian company Magna International and Sberbank, a state-owned Russian bank.