Obama to visit Chrysler plant in Ohio

AP News
Posted: May 25, 2011 5:54 PM
Obama to visit Chrysler plant in Ohio

President Barack Obama will visit a Chrysler plant in Toledo, Ohio, next week to discuss the car maker's repayment of a federal loan that saved the company from financial disaster two years ago.

The White House says Obama will visit the auto plant on June 3.

Chrysler announced Tuesday the repayment of $5.9 billion in U.S. loans and $1.7 billion in loans from the governments of Canada and Ontario. It covers most of the federal bailout money that saved the company after it nearly ran out of cash in 2009 and went through a government-led bankruptcy.

The repayment was another sign of Chrysler's comeback. The company recently posted its first profit in five years and has bolstered its lineup of Jeeps and cars.