Chrysler is expected to file for bankruptcy today, becoming the first major automaker to file for Chapter 11.

President Obama was scheduled to deliver a noon ET address to discuss the bankruptcy plan. The Treasury is expected to provide financing for the company while it is in bankruptcy with the intent that the automaker will reposition itself as a smaller company under the umbrella of Italian automaker Fiat. Chrysler chief executive Robert Nardelli will be replaced by the management of Italian automaker Fiat.

Reportedly, under the plan, the flailing company will receive billions more in aid from the United States and Canada, where the company has much of its operations.

President Obama said it was “not yet clear” whether Chrysler would have to move forward with bankruptcy.

“I am actually very hopeful, more hopeful than I was 30 days ago, that we can see a resolution that maintains a viable Chrysler automobile company out there. The fact that the major debt holders appear ready to make concessions means that even if they ended up having to go through some sort of bankruptcy, it would be a very quick type of bankruptcy.”