Publicis Groupe has announced that the agencies of Publicis Groupe have worked with Old GM and will continue to work with New GM.
“We are now in a better position to quantify our financial exposure as a result of the GM bankruptcy .Since the filing of the bankruptcy, Old GM has signed agreements with some of our agencies and assumed and assigned contracts with other of our agencies to New GM. As a result, we have received payment of the bulk of our fee receivables as of the date of the bankruptcy, and GM has committed to pay us our remaining pre-petition fee receivables over the next few months,” a Publicis Groupe spokesperson said.
” Taking into account the principle of sequential liability and the commitments we have received from GM, we have re-evaluated our maximum exposure at EUR 9 million, which will be reflected in our second quarter numbers when they are released on July 23, 2009,” the spokesperson added.