The Interpublic Group of Companies currently relies on its $500m revolving credit facility, which will be gone by May 15 if it fails to sell off enough assets.
According to the industry newsletter Marketing Services Financial Intelligence, Interpublic's renegotiated loan contains small print stating that it must raise $400m. The company would then be reliant on an expensive short-term loan facility with UBS Warburg.
While the company is negotiating the sale of NFO WorldGroup at present, potential buyers know how desperate the company is for the money, putting Interpublic in a poor negotiating position.
Bob Willott, editor of Marketing Services Financial Intelligence, said: "Interpublic could find it hard to get the amount they want for NFO WorldGroup."
Aegis, owner of media-buying group Carat, and United Business Media are both in the running to buy NFO, and Taylor Nelson Sofres and French media firm Ipsos also said to be bidding. The bids are thought to range from $450m to $550m.
WPP Group has dropped out of the race, balking at the price. It is reported that WPP was prepared to pay between $350m and $400m.
Last week, Interpublic dumped Dooner as chairman and CEO in the wake of the company's dramatic fall in share price, a $181.3m restatement of charges, loss of the Coke Classic account in the US and an investigation by the Securities & Exchange Committee. He was replaced by David Bell, former vice-chairman of Interpublic. The company is due to post its results tomorrow, with the market having little reason to anticipate good news from the company.
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