by Calculated Risk on 4/30/2009 11:40:00 AM

From CNBC: Chrysler To File for Bankruptcy, Sources Tell CNBC

Chrysler will file for bankruptcy ... two administration officials said Thursday.
...
A statement from President Barack Obama and members of his autos task force on Chrysler's situation and the auto industry is scheduled for 12 Noon EST.
...
The stance will likely set the tone for similar discussions with bondholders of General Motors which is now on the clock to restructure its operations by the end of May.

Here is the CNBC feed.