Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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June 20, 2009

Report: GM To Spend $40-$50 Million/Month On Ads While in Chapter 11

According to ADWEEK.  See article below

GM to Spend $40 Mil.+ a Month on Ads While in Bankruptcy

June 19, 2009

-By Steve McClellan

NEW YORKGeneral Motors intends to spend $40-50 million a month on ads while the company is in bankruptcy, according to top GM marketer Mark LaNeve.

The auto giant filed for Chapter 11 protection on June 1 and plans call for the company to reemerge in a slimmed down version in 60-90 days.

A GM rep confirmed that LaNeve commented on the company's bankruptcy phase ad spending during an interview on Thursday's online car program Autoline After Hours.

LaNeve also said ad outlays on a per-unit basis would be roughly in line with both pre-Chapter 11 levels and projected spending through the rest of the year after the company resumes normal operations.

Furthermore, he also confirmed that the U.S. government's Auto Task Force approved the carmaker's proposed Chapter 11 ad spending levels. By comparison, the Task Force slashed Chrysler's budget by roughly half. Chrysler has subsequently emerged from bankruptcy to form an alliance with Italy's Fiat.


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