CORRECTED-UPDATE 2-Hostess returns to bankruptcy protection over pensions

* Files second Chapter 11 petition within three years

* Blames unionized workforce for insufficient liquidity

* Lists assets of $500 mln to $1 bln, debt of more than $1 bln

Jan 11 (Reuters) - U.S. wholesale baker Hostess Brands Inc filed for Chapter 11 bankruptcy protection in Manhattan on Wednesday, nearly three years after emerging from a similar process, after failing to reach an agreement with workers on pension and health benefits.

Hostess was unable to reach an agreement with its unions regarding pensions, health and welfare benefits and work rule changes that ultimately led to insufficient liquidity, it said in court papers.

The company listed the Bakery & Confectionery Union & Industry International Pension Fund, to which it owes $944.2 million, as its largest unsecured creditor.

No one at the company could immediately be reached for comment.

The Twinkies and Wonder Bread baker listed assets of between $500 million and $1 billion and debt of more than $1 billion.

This is the second court restructuring for the Ripplewood Holdings-owned Hostess, which emerged from bankruptcy protection in February 2009.

The case is Hostess Brands Inc, Case No. 12-22052, U.S. Bankruptcy Court, Southern District of New York (White Plains).