• by David Goetzl  @dgoetzl, August 25, 2009

Interpublic Group has reached an agreement with the bankrupt General Motors on how much the failed automaker still owes it, according to a court filing Tuesday.

After GM filed for Chapter 11 protection in June, the automaker informed IPG that it intended to settle on contracts worth $27 million.

But IPG filed an objection, arguing that it was owed a "significantly greater" amount. That motion, however, was withdrawn Tuesday.

IPG did not list the amount the parties agreed to in the federal bankruptcy court filing. It did say, however, that it retains rights to pursue further action if GM fails to make the agreed-upon payments when due.

IPG agencies such as Campbell-Ewald and Deutsch work with GM.

At one point, IPG told investors it could have balance-sheet exposure regarding the GM bankruptcy around $50 million. But last month, CEO Michael Roth said that amount "has proven to be negligible."