• by David Goetzl  @dgoetzl, June 5, 2009

Interpublic Group said Friday that General Motors' bankruptcy filing could leave it out $50 million for work conducted for the automaker. The figure would be considerably more than what GM has indicated it owes the holding company in court documents. 

GM remains a large IPG client, with multiple agencies performing creative work for the automaker, including Campbell-Ewald on the Chevrolet business and McCann-Erickson for corporate image advertising.

In a government filing, IPG labeled the $50 million as its "maximum potential exposure," or the largest amount GM may end up owing it. How much -- if any -- will be collected depends, in part, on agreements reached between GM and the court.

When GM filed for Chapter 11 protection, it declared it owed IPG $20.6 million. It listed IPG as its 20th-largest unsecured creditor, and McCann-Erickson separately as its 47th.

IPG may have calculated the $50 million figure by including money that GM may owe it for additional work already done -- as well as work it continues to do while GM looks to restructure.

In its filing Friday with the government, IPG said that if GM subsidiaries pursue bankruptcy protection outside the U.S., the holding company could be at risk of losing more money.

IPG's disclosure came a day after Publicis Groupe, which buys all media for GM, said it could lose up to $78 million by failing to collect money that GM owes it.

As recently as May 29, three days before the GM action, IPG reiterated that its exposure could be in the $150 million range for a bankruptcy filing. Thus, the $50 million figure may prove to be welcome news to investors. IPG shares were up about 6% in the $5.70 range in midday trading Friday.