Chrysler Group CEO Sergio Marchionne plans to formally thank the U.S. and Canadian governments for the 2009 loans on Tuesday at the Sterling Heights Assembly Plant in Michigan.
News of the ceremony comes after the automaker said it would pay back some of the outstanding balance it owes to the federal and Ontario governments. The planned $1.6 billion payment is a fraction of the investment the governments made to the pentastar brand in 2009.
Chrysler said it was making the payments thanks to a bond issuance and a multi-billion dollar bank loan it secured in the U.S.
Officials expected at today’s event include Ron A. Bloom, assistant to President Obama for Manufacturing Policy; and Brian Deese, Deputy Director of the National Economic Council.