* Files for bankruptcy under Chapter 11

* Says has assets of $576.5 mln, debts of $521.3 mln (Recasts; adds background from filing)

NEW YORK/BANGALORE, Nov 16 (Reuters) - Champion Enterprises Inc CHB.N, a maker of factory-built homes and modular buildings, has filed for bankruptcy and hopes to sell its U.S. operations.

The company said it had obtained a $40 million debtor-in-possession credit facility from lenders, a portion of which would be used for operations outside the United States.

Champion said it had total assets of $576.5 million and total debts of $521.3 million, according to a petition filed Sunday with the U.S. Bankruptcy Court for the District of Delaware in Wilmington.

The petition covers the company and its U.S. units. Operations in the UK and Canada were not included.

Last month, the company signed a waiver agreement with its lenders, which agreed not to accelerate the maturity of loans outstanding under a credit agreement. [ID:nBNG33971]

Champion said it will undergo a court-supervised sale process in which its lenders may participate.

It said its investment banker has "already received initial indications of interest from a number of parties expressing a desire to participate in this sale process."