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The Obama administration said Sunday that General Motors Corp. (GM) will file for Chapter 11 bankruptcy protection in a matter of hours and receive $30.1 billion in new government aid.

GM's bankruptcy filing will be the largest by an industrial company in U.S. history and among the largest overall.

Top Obama administration officials said the U.S. government expects to hold a 60% ownership stake and $8.8 billion in debt and preferred stock in the revamped company. The Canadian and Ontario governments, which will lend about $9.5 billion to GM, will collectively hold a 12% stake in GM. The remaining shares will go to the United Auto Workers and bondholders.

Previously, GM had said the U.S. government could own up to 72% of the new GM.

The Obama officials, briefing reporters on the condition they would not be named, also confirmed that the administration will give $30.1 billion in new assistance to the company. That brings the U.S. government's total investment in the auto maker to nearly $50 billion. But the officials insisted the new aid would be the last U.S. taxpayer dollars to go to the company.

"There's no plan of any kind, intention, contingency plan, anything of any kind for further support beyond this point," one official said. "One never says never with respect to any hypothetical contingencies that could arise in the future. But this is it for support for GM."

Obama officials didn't confirm whether the filing would take place in New York, where GM officials have planned to make an announcement Monday. President Barack Obama will also give remarks on GM Monday, administration officials said.

Obama officials said Sunday that the company will close 11 plants and idle three others, but said the administration didn't participate in deciding which plants would be affected. The company is expected to identify which plants it will close.

GM's bankruptcy, planned for months under the close eye of Obama's auto task force, will come after last-minute deals with senior bondholders and the United Auto Workers that are expected to make for a smoother reorganization.

The Obama officials predicted GM would spend 60 to 90 days in court, undergoing a so-called "Section 363" sale of its productive assets to a new company under the same name. The process is intended to help GM shed liabilities by more than half and drastically reduce its "breakeven" point, Obama officials said Sunday.

The new GM will break even once industry-wide car sales in the U.S. reach 10 million, and will make a profit beyond that, the officials said. GM's breakeven point previously was about 16 million annual U.S. car sales.

Car sales this year are on track to be between 9 million and 10 million.

Obama officials reiterated that the administration will not influence day-to-day operations of GM. Instead, the government's role will be limited mostly to appointing a majority of the company's board members, which will be selected from among business executives in coming months. None of the board members will be government employees, Obama officials said.

The Canadian government will also have the power to appoint a board member. The UAW will appoint a nonvoting board member.

The administration's auto task force, consisting of cabinet members, senior advisers and a support staff, will remain intact, a senior official said Sunday.

Obama officials said they were reluctant to take the unprecedented move to acquire ownership of the nation's largest auto maker, but it was necessary to insure taxpayers are repaid.

"We had a choice as guardians of the taxpayer dollars," one senior official said.

The government could have taken the equity stake, "or we could have simply left it behind and given it to others and taxpayers would have ended up much shorter in terms of the total outcome. It was simply a necessary outcome of the restructuring process and the desire to have GM with a substantially deleveraged balance sheet."

-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com