General Motors Corp. (GM) has no immediate plans to sell its Brazilian unit, General Motors do Brasil Ltda., which will remain as part of a new GM, said Jaime Ardila, chief executive at GM's local subsidiary, Tuesday.

Speaking at a press conference, he said the legal process under which the U.S. parent company restructures under Chapter 11 bankruptcy protection should take two months.

He underlined that General Motors' Brazilian subsidiary is profitable and does not need or expect any help from Detroit.

Meanwhile, he also reaffirmed that the local subsidiary isn't included in the bankruptcy filing in the U.S.

"We are financially independent from headquarters," he added.

GM has been profitable in Brazil since 2005, he said.

It did tap Detroit for investment capital last year, but for no more than that.

Ardila said that GM continues to sell well in Brazil. In May, it sold around 48,000 units, representing the best month of the year so far.

He added that May sales were 2% higher than May 2008 and 16% higher than April of this year.

-By Kenneth Rapoza; Dow Jones Newswires; 5511 2847-4520; kenneth.rapoza@dowjones.com