UPDATE 1-F&P Appliances gets China shareholder, shares leap

* F&P Appliances posts large loss on writedowns

* China's Haier Group to become 20 pct shareholder

* F&P Appliances agrees new finance package with banks (Updates with details, company comment)

WELLINGTON, May 27 (Reuters) - Chinese appliance maker Haier Group will take a 20 percent stake in New Zealand's Fisher & Paykel Appliances Ltd (FPA.NZ), F&P said on Wednesday, sending its shares up 50 percent.

New Zealand's largest appliance manufacturer said that Haier, China's top appliance maker, would pay NZ$46 million ($28.5 million) for the stake. It also reported a full year loss and said it would raise at least NZ$189 million, through a rights issue.

"F&P Appliances experienced difficult trading conditions in all markets," the company said in a statement.

Shares in F&P Appliances stood 51 percent higher at NZ$1.00.

It posted a net loss after tax of NZ$95.2 million in the year ended March 31, compared with a NZ$54.2 million profit a year earlier.

On Feb. 16 it had warned that the global recession had hit sales of its appliances hard, and profit after one-off restructuring costs and asset sales would be about break-even.

Stripped of one-off charges, which included restructuring costs and asset writedowns, the company reported a net profit of NZ$33.8 million.

The company said it would not pay a dividend.

F&P Appliances, known for its double-door dishwashers and smart washing machines, is shifting most of its manufacturing to low cost markets in Mexico and Thailand.

At its February update it said falling sales had left it short of cash for the moves, blowing its bank debt out to about NZ$570 million, and forcing it to look at capital raising options such as taking on a cornerstone investor.

F&P Appliances said on Wednesday it had agreed a new debt facility of NZ$575 million with its banks.

The company has cut executive pay and reduced staff hours in a bid to preserve cash, and it has had to call on a NZ$80 million of temporary bank funding as it looks to restructure its debt.

F&P Appliances, which makes white goods including washing machines and fridges, has a global marketing, sales and product alliance with Whirlpool Corp (WHR.N), the world's No.1 appliance maker.

The company is a niche player catering to the top end of the market, as opposed to mass-market rivals such as Whirlpool's Maytag, Sweden's Electrolux (ELUXb.ST) and South Korea's LG Electronics (066570.KS). ($1=NZ$1.60) (Reporting by Adrian Bathgate)