UPDATE 2-KDB says may not join GM Daewoo rights offering

* KDB may not join GM Daewoo rights offer - spokesman

* KDB demands not met in tussle over size of rights offer

* GM Daewoo pays back $109 million of maturing loan to KDB (Adds another KDB comment)

SEOUL, Oct 16 (Reuters) - State-run Korea Development Bank (KDB) said it would not participate in a rights offering of the South Korean unit of General Motors [GM.UL] if the U.S. carmaker did not meet its request for financial aid to GM Daewoo.

Last month, GM Daewoo said it would raise 491.2 billion won by selling new shares to existing shareholders, but KDB, its leading creditor, wants the figure to be more than doubled.

"None of our demands have been met. In the current situation, we won't participate in the rights offering," a KDB spokesman said, referring to the bank's requests to GM.

The remarks came a day after GM Chief Executive Fritz Henderson met South Korean President Lee Myung-bak and reaffirmed the company's plan to take part in the rights offering, but gave no hint of whether GM would put in as much as KDB sought. [ID:nSEO63856]

Earlier on Friday, GM Daewoo paid back 125.8 billion won ($108.7 million) worth of maturing loans.

GM has a 51-percent stake in GM Daewoo and KDB holds 28 percent.

KDB has asked that GM and the South Korean unit share licenses for vehicles they develop jointly and that the bank be allowed to participate in the management of GM Daewoo as part of a long-term development plan for the automaker.

GM and KDB are in talks on some one trillion won of additional financial support for GM Daewoo, which has requested loans from banks, including KDB, after using up a $2 billion credit line. ($1=1157.0 Won) (Reporting by Cheon Jong-woo and Kim Yeon-hee; Editing by Jonathan Hopfner and Clarence Fernandez)