UPDATE 1-Global Capacity Group files for bankruptcy

* Says expects to complete process by yr-end

* Lists both assets and debt in the $10 mln-$50 mln range

July 23 (Reuters) - Global Capacity Group Inc CGSY.OB, a telecommunications information and logistics company, filed for Chapter 11 protection in a Delaware bankruptcy court and said it expects to complete the process before the year-end.

In a statement, the company said it had secured a commitment for a capital infusion required to restructure the company under bankruptcy.

"The company also plans to eliminate as much of its existing debt as possible, equitizing the balance sheet, and reducing the monthly cash drain required for debt service," Global Capacity said.

In court papers, the company listed both assets and debt in the $10 million to $50 million range. Nine affiliates were also included in the petition.

Patrick Shutt, Global Capacity's chief executive, said attempts to restructure the balance sheet in an informal process over the past 14 months had been unsuccessful, and the bankruptcy filing was a "course of last resort."

As of June 2010, the company employed about 85 people, according to court papers.

Shares of Chicago based-Global Capacity fell 66 percent to 2.7 cents in early trade on the OTC Bulletin Board.

The case is In re: Global Capacity Holdco LLC, U.S. Bankruptcy Court, District of Delaware (Delaware), No: 10-12302. (Reporting by Santosh Nadgir in Bangalore; Editing by Roshni Menon)