Kumho Asiana may consider various ways to unload Daewoo including a sale of a 39 percent stake held by financial investors with management rights, a sale of a 50 percent stake plus one share, or a sale of a 72 percent stake owned by the group and financial investors.

The group has a stake of about 33 percent in Daewoo with financial investors holding 39 percent and the rest free-floating shares. It bought Daewoo for about 6.4 trillion won (3 billion pounds) in 2006.

"The size of the sale will be decided after talks with the main creditor and advisers to minimise the group's losses from the sale of Daewoo and to reduce buyer's acquisition burdens," Kumho Asiana said in a statement.

Kumho Asiana plans to consider a tender offer or a sale to a private equity fund of the state-run Korea Development Bank (KDB), its main creditor, the group added.

The group said it had talks with plural investors at home and abroad but failed to reach a final agreement as their proposal may boost the group's debt.

Kumho Asiana has been haunted by worries about its liquidity after buying two coveted assets -- Daewoo and Korea Express in the past few years.

The concerns deepened as the global financial crisis delayed its announced plans to raise 4.55 trillion won by selling non-core assets.

The construction and airline-focussed group may be liable to pay substantial sums due to a put-back option agreement with investors in its 2006 takeover of Daewoo as its stocks have remained far below a pre-set price for the option.

Kumho Asiana offered an option to buy back Daewoo shares at 32,000 won each by the end of this year, local media said, while shares in Daewoo ended at 12,850 won on Friday. Officials at the group were not available for comments on the option price.

Earlier this month, Kumho said the KDB had agreed to the proposal to attract new financial sponsorship for Daewoo by the end of July -- a move to replace the existing investors in Daewoo, who have the option.

($1=1278.3 won)

(Editing by Jerry Norton)