Publicis downgrades losses to “new GM”

Publicis Groupe has downgraded its exposure to losses from client General Motors, after the US carmaker emerged out of Chapter 11 bankruptcy to create a new company.

Chevrolet Captiva
Chevrolet Captiva

While last month the group, which consists of agency networks including Starcom and Saatchi & Saatchi, reported that its maximum exposure to a bankrupted GM was an estimated £48.6m, this has now been revised down to £7.8m.

Publicis adds that it will continue to work with the new GM which operates the Chevrolet, Cadillac, Buick and GMC brands.

The car company however now plans to axe the Saturn, Saab, Hummer and Pontiac brands.

In a statement, Publicis says: “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.”

Elsewhere, GM Europe is still awaiting the outcome of its potential sale. The three main bidders are Canadian car parts company Magna International, Belgian-based investor RHJ International and Beijing Automotive Industries.

GM Europe recently has awarded McCann Erickson Frankfurt the £70m pan-European ad account to launch its latest Astra model.

It won the account following a pitch against Lowe Germany and Delaney Lund Knox Warren.

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