GM owes Publicis Groupe $150 Million
June 1, 2009
Publicis is owed a total of $146,825,783 from General Motors, and the bankruptcy documents clearly state 2 listings for Publicis, not just one.
$25,282,766 to Publicis Groupe Proper
$121,543,017 to Publicis Owned Starcom Mediavest
For a grand total of nearly $150,000,000 to Publicis alone..
Worth noting that Interpublic got nailed about 15 million in the documents as well, hit hard… but nothing like the monster that hit Publicis…
This is staggering amount listed under “Unsecured Creditors” and questions immediately were raised if Publicis will have to write off a good part of that. The Obama Administration cut the Chrysler advertising agency budget in half, we suspect in the case of General Motors “half” would be best case.
Click to enlarge the documents…
This is a problem for Publicis, a big problem. If you want to read the whole bankruptcy document, B|Net posted it.
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Founder you missed $15Mil. also owed to Interpublic.
I saw that…. but the lions share of it nailed Publicis…. I’ll edit my post though to reflect it…
[...] Since Deutsch is doing this post-bankruptcy, the chances are they will get paid as compared to the financial nightmare that Publicis is currently facing to the tune of $150 million dollars in unpaid GM bills. [...]