Noel Bussey
May 20, 2009

IPG prepares for bankruptcy at General Motors

LONDON - The Interpublic Group has entered into an amendment with the Securities and Exchange Commission aimed at reducing the potential damage caused by the possible bankruptcy of General Motors.

Signed on 13 May, the deal sees the holding company preserving its ability to use a three-year credit pact with a group of lenders, headed by Citibank.

The filing changes the definition of EBITDA income before interest, taxes, depreciation and amortisation under the bank agreement in order to exclude from the determination of consolidated EBITDA for all purposes under the credit agreement - including certain financial and other covenants - any effects on IPG's consolidated...

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