UPDATE 1-Blacks Leisure submits rescue plan to bank

* Says to announce details of proposed recovery plan shortly

* H1 losses more than double to 11.9 mln stg

(Adds detail, background)

LONDON, Oct 29 (Reuters) - British outdoor goods retailer Blacks Leisure BSLA.L has submitted a restructuring plan to its bank in a bid to secure its future, after reporting losses more than doubled in the first half of its financial year.

The firm, which runs the Blacks Outdoor and Millets chains, said on Thursday it expected to announce the details of its plan shortly, following talks with Lloyds Banking Group (LLOY.L).

Blacks warned last month it would breach its lending arrangements after worse than expected trading at its surfwear business and at loss-making stores. Lloyds agreed to freeze its lending agreements until Nov. 30, on condition it came up with an acceptable turnaround plan by Oct. 30. [ID:nLM38461]

Later that month, Blacks put Sandcity, part of its surfwear business, into administration and announced plans to close 89 loss-making stores and to axe about 50 head-office jobs. [ID:nLN565029] [ID:nLU495038]

The firm did not say on Thursday what more it might do.

"Once the group completes its restructuring action we expect that current market expectations of losses from the ongoing estate, excluding the effects of the restructuring plan and the associated costs, can still be met," it said in a statement.

"However, this outcome will be dependent upon Lloyds Banking Group waiving the covenant breach, the implementation of our restructuring plan and a normal trading level through the important Christmas period."

Blacks made a loss before tax and one-off items of 11.9 million pounds ($19.5 million)in the 26 weeks ended Aug. 29, compared with a loss of 4.5 million the same time last year.

It did not pay an interim dividend.

Blacks shares, which have dropped over 90 percent in the past 3-1/2 years, closed at 29.25 pence on Wednesday, valuing the business at about 12.6 million pounds. ($1=.6107 POUND) (Reporting by Mark Potter; editing by Simon Jessop)