UPDATE 1-Anthracite Capital to liquidate under Chapter 7

* Court to name trustee to oversee liquidation

* Shareholders not to get any value

* Sees minimal recovery for unsecured creditors

* Co externally managed by BlackRock Financial

March 15 (Reuters) - Troubled commercial real estate investor Anthracite Capital Inc ACPI.PK filed for Chapter 7 liquidation in a Manhattan bankruptcy court more than three months after defaulting on its debt.

The company said the court will appoint a bankruptcy trustee to oversee the liquidation.

Anthracite said shareholders are likely to be wiped out in the liquidation process and recovery for unsecured creditors would be minimal.

In court papers, the company listed assets in the range of $100 million to $500 million and debt in the range of $500 million to $1 billion.

Last November, Anthracite said it had "substantial" doubts about its ability to continue as a going concern after breaching banking covenants and posting a fourth straight quarterly loss.

Anthracite is externally managed by BlackRock Financial Management Inc, a unit of investment management firm BlackRock Inc (BLK.N).

The case is In re: Anthracite Capital Inc, U.S. Bankruptcy Court, Southern District of New York (Manhattan), No: 10-11319. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)