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NEW YORK Interpublic Group has struck a deal with lenders to stay within its loan covenants in the event of a General Motors bankruptcy.
While IPG has little media exposure to the automaker, the holding company is still GM’s largest marketing services partner. And many, if not all, of IPG’s contracts with GM do not contain sequential liability clauses that protect agencies from unpaid bills of troubled clients.
In an 8-K filing made on May 18 with the Securities and Exchange Commission, IPG said that on May 13, it made a pact with a group of lenders, led by Citibank to preserve its ability to use its $335 million three-year credit line.
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