UPDATE 2-Mexico's Cemex wants to extend debt to 2014

* Cemex asks to repay $14.5 bln in bank debt by 2014

* Cemex to meet creditors on Wednesday in Madrid

* Proposal likely to help share price (Rewrites throughout; adds analyst comment and byline)

By Robin Emmott

MONTERREY, Mexico, June 30 (Reuters) - Mexican cement maker Cemex (CMXCPO.MX) (CX.N), which faces pressing debt payments as its sales slump, said on Tuesday it asked creditors to give it an extension until 2014 to repay its bank loans.

Cemex, which took on short-term debt to pay for its 2007 takeover of Australia's Rinker, faces $4.1 billion of maturities by the end of this year and has another $10.4 billion due by 2011.

The world's third-biggest cement company said it made its proposal to pay $14.5 billion by February 2014 to creditors in New York on Monday and will meet its bankers in Madrid on Wednesday.

Cemex declined to comment on how its plan was received in New York.

"The key component of the proposed refinancing plan is a revised maturity schedule on a new facility encompassing $14.5 billion in bank debt that would run through February 2014. This revised schedule would shift 2009-2011 maturities substantially into the future," Cemex said in a statement.