It’s the end of an era for the American auto industry, for sources say Chrysler will file for bankruptcy after talks with creditors fell apart. The company’s new business model would split ownership between Italian car maker Fiat, the American government and the Canadian government, The Washington Post reports:

Under the administration’s detailed court strategy, ownership of Chrysler would be dramatically reorganized, the leadership of Italian automaker Fiat would take over company management and the U.S. and Canadian governments would contribute more than $10 billion in additional funding. 

Its ownership would be divided, with the company’s union retiree health fund receiving a 55 percent stake, Fiat would claim as much as a 35 percent share and the United States would take eight percent. The Canadian government would receive two percent. 

During the bankruptcy, the governments would provide about $4 billion in new funds, with 80 percent coming from the United States and 20 percent from Canada, which hosts a number of Chrysler operations.

Officials from the Obama administration say they’re confident the bankruptcy filing and reorganization will prove beneficial in the long run. It certainly couldn’t make things any worse, according to CNN.