NEW YORK — One of the top financial advisers overseeing Chrysler's restructuring testified in bankruptcy court today there is a "low likelihood" the automaker will be able pay back its billions of dollars in government loans.

But Robert Manzo, an executive director with the restructuring group Capstone Advisory Group, said he doesn't view the government financing as "free money."

"They're offering financing with a low likelihood of being repaid," he said.

Under a plan announced Thursday for Chrysler to file for Chapter 11 bankruptcy protection and partner with Italian automaker Fiat Group SpA, the government agreed to provide $8 billion in financing on top of the $4 billion Chrysler has received since January.

Earlier in today's hearing, Judge Arthur Gonzalez postponed his decision on whether Chrysler can start the process of selling its most valuable assets to a new entity partnered with Fiat.

Gonzalez delayed the issue until Tuesday afternoon after attorneys for a dissident group of Chrysler's lenders objected to taking up the issue because it needed more time to review the proposed deal. Chrysler lawyers did not file its motion until late Sunday.