[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/05/31/art.gm.gi.jpg caption="Obama is set to announce the bankruptcy of GM."]
WASHINGTON (CNN) - President Barack Obama will hold an 11:30 a.m. Monday event discussing the bankruptcy filing of General Motors, according to two officials close to the talks.
The officials said that GM is expected to officially file the paperwork on the bankruptcy earlier in the day. Obama will then explain the rationale for the filing and his hopes that this is the best route for a turnaround.
The president made a similar announcement after Chrysler, another of the Big Three automakers, filed for bankruptcy protection on April 30.
But the officials cautioned that the situation remains "very fluid," so it's still possible that GM will technically file the paperwork after Obama speaks.
The expected bankruptcy filing comes despite an agreement reached last Thursday with the Treasury Department and a committee of major bondholders.
The beleaguered Detroit-based automaker has been struggling to survive under the weight of the recession and high fuel prices, which have drastically reduced sales.
GM's stock price plunged below $1 a share Friday, reaching its lowest level since the Great Depression, as investors anticipated the bankruptcy filing.
The company's stock peaked on April 28, 2000, when it closed at $93.63.