UPDATE 1-Grounded German carrier Blue Wings seeks investor

* Halts flights for second time in less than a year

* Says problems stem from lack of shareholder financing

* Russian billionaire shareholder Lebedev says ready to help (Adds comments by Lebedev's investment vehicle)

FRANKFURT, Jan 13 (Reuters) - Germany's Blue Wings is looking for funds following a dispute with shareholder Alexander Lebedev, as financial problems led regulators to ban the Duesseldorf-based airline from flying.

The carrier halted flights earlier on Wednesday, mere hours before German aviation authorities revoked its operating license for the time being, according to a spokesman for the company.

Blue Wings' financial woes, which have left its staff without pay since mid-November, stem from a lack of financing from shareholders, the spokesman said. Now Blue Wings is trying to find a new investor to help prop it up.

Blue Wings already lost its license briefly last year on concerns that it did not have sufficient assets to be viable and had to be bailed out by ex-KGB agent Lebedev.

Lebedev at that time offered his stake in Blue Wings to Russia's Aeroflot (AFLT.MM) for 1 euro, but no deal came about.

Lebedev owns 48 percent of Blue Wings via Zurich-based investment company Alpstream, and his Russian investment vehicle NRK Group said that it has asked German regulators to help restore control at the Blue Wings.

"Should the conditions of transparency and management reinforcement be met, NRK is ready to provide Blue Wings with necessary financial help," the group said in a statement.

Blue Wings' other shareholders are Cyprus-based Nondwell Investment Ltd and the carrier's Chief Executive Joern Hellwig with a stake of 26 percent each.

The company, which flies to destinations such as Kazakhstan, Lebanon and Russia and operates charter flights, carried a total of 1.1 million passengers in 2008 and generated sales of 154 million euros ($224 million). (Reporting by Angelika Gruber and Anton Doroshev; Writing by Maria Sheahan, editing by Will Waterman and Rupert Winchester)