UPDATE 1-US electricity co Bosque Power files for bankruptcy

* Files Ch 11 with 5 affiliates in Texas court

* Lists both assets and debt in the $100 mln-$500 range

March 24 (Reuters) - U.S. electricity generator Bosque Power Co LLC [LSPEPB.UL] on Wednesday filed for Chapter 11 protection in a Texas bankruptcy court along with five affiliates, court papers showed.

The Laguna Park, Texas-based company listed both assets and debt in the $100 million to $500 million range.

Bosque Power had borrowed about $412 million in January, 2008 to fund the conversion of its combustion turbines.

Earlier this month, Standard & Poor's Ratings Services lowered its rating on the company's senior debt to "3" from "1."

"The "3" recovery rating on the second-lien debt obligations indicates expectations of 50 percent to 70 percent recovery of principal in a default scenario," the agency said.

The case is In re: Bosque Power Company LLC, U.S. Bankruptcy Court, Western District of Texas (Waco), No: 10-60348. (Reporting by Santosh Nadgir in Bangalore; Editing by Gopakumar Warrier)