UPDATE 1-Off-site airport parking operator PCAA files Ch. 11

* To borrow up to $5 mln as DIP loan

* Lists assets of $94 mln, liabilities of $233 mln

Jan 28 (Reuters) - Off-site airport parking operator Parking Company of America Airports LLC (PCAA) filed for bankruptcy protection in a Delaware court on Thursday.

The Essington, Pennsylvania-based company, which operates under the AviStar, FastTrack and SkyPark banners, said it was directly impacted by the decline in business and leisure travel stemming from the recession.

PCAA plans to borrow up to $5 million as debtor-in-possession loan to fund operations during its bankruptcy.

The company operates 31 parking facilities near 20 airports across the United States and employs about 1,063 people. It owns the underlying property at about 70 percent of its facilities.

In court papers, PCAA said it had assets of $94 million and debt of $233 million as of September 2009.

The case is In re: PCAA Parent LLC, U.S. Bankruptcy Court, District of Delaware, No. 10-10250. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)