Publicis, Interpublic Owed $167 Million in GM Bankruptcy

(MoneyWatch)  General Motors owes Publicis and Interpublic ad agencies about $167 million in unpaid bills, according to its bankruptcy filing this morning. (Download GM's creditors list here.)

Here are the advertising vendors, and the amount they are owed, on GM's list of 50 largest unsecured claims:

• Starcom MediaVest Group: $121 million
• Publicis Groupe: $25 million.
• Interpublic: $16 million
• McCann Erickson: $4.6 million
• Total: $167 million

Note that Starcom, the sixth largest creditor, is owed twice as much as Delphi, GM's parts supplier -- which may lead people to ask why a carmaker was more dependent on its ad agency than it was on a company that actually supplies things you can make cars with. (Click image to enlarge detail from the list.)

Also of interest: In the Chrysler bankruptcy, BBDO received a huge amount of flak for being left on the hook for $58 million in unpaid debts from the client. But compared to Starcom's list of wreckage, BBDO comes out looking like a master of billing.

Meanwhile, GM launched a new commercial on how bankruptcy will, er, do nothing but good for the company.

• Previously:

• IPG's GM Bankruptcy Credit Line Explained
• IPG Q1: Revenues Down 10.8%; Wall Street Wants "Worst-Case" GM Scenario; Layoffs Still a Threat
• Omnicom, Publicis Worst Hit in Auto Brand Axings
• Interpublic Q4: Revenue Declines; Good News in the Details; Layoffs Still a Threat
• IPG Maximizes Pain of Layoffs Through Uncertainty
• IPG and Omnicom Downgraded by Deutsche Bank on Layoff News
• IPG to Cut Up to 2,000 Jobs; PHD Atlanta to Close
• InterPublic Loses Cash for Third Straight Quarter