CORRECTED - CORRECTED-Apparel company Block Corp files for bankruptcy

(Corrects paragraph one to show the company licenses the brands, does not own them)

April 16 (Reuters) - Block Corp, which licenses brands like Izod and Panama Jack, filed for Chapter 7 bankruptcy protection in a Manhattan court on Thursday, court documents showed.

In documents filed with the court, the company listed assets of $32 million and debt of $44.6 million.

Under U.S. bankruptcy rules, Chapter 7 bankruptcies typically result in liquidation or a sale of assets, rather than reorganization.

The case is In re: Block Corp, U.S. Bankruptcy Court, Southern District of New York No:09-12340. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)