UPDATE 1-Lang Holdings files for Chapter 11

* Seeking about $8.5 million of debtor financing

* Looking to sell assets

* Assets worth $50-$100 mln, debt $10-$50 mln

July 17 (Reuters) - U.S. calendar and stationery products supplier Lang Holdings Inc filed for Chapter 11 bankruptcy protection on Thursday citing a liquidity crisis, court documents showed.

In a filing with the U.S. Bankruptcy Court for the District of Delaware, Lang said it aimed to pursue a sale of its assets under Section 363 of the U.S. Bankruptcy Code.

The company said it sought a 'stalking horse' bidder through discussions with certain interested parties, and received two formal letters of intent.

A stalking horse makes the lead bid at a bankruptcy auction and creates a floor for the bidding, in exchange for certain protections that often include break-up fees.

However, the company sad that neither of the offers was deemed acceptable to its pre-petition lenders.

Lang said it was seeking authorisation to obtain up to $8.5 million in debtor-in-possession (DIP) financing from Sun Lang Finance, LLC.

In its bankruptcy filing, the company listed estimated assets in the range of $50 million to $100 million, and debt of $10 million to $50 million.

Lang has proprietary licensing agreements with several major U.S professional sports leagues, court documents showed.

The case is In re: Lang Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No 09-12543. (Reporting by Hezron Selvi and Ajay Kamalakaran in Bangalore; Editing by Valerie Lee, John Stonestreet)