• Reuters, Monday, March 1, 2010 10:33 PM

U.S. radio broadcaster Regent Communications filed for Chapter 11 protection as part of a prearranged deal that will cut its debt by $87 million and transfer majority ownership of the reorganized company to certain funds managed by Oaktree Capital Management LP.

Anthony Vasconcellos, Regent's CFO, said in a court filing that the company was looking to get the reorganization plan confirmed by the bankruptcy court within 40 days. Regent said it has about $11 million cash, which will be enough to pay all its vendors and employees. Cincinnati, Ohio-based Regent owns and operates 62 stations in nine states and employs about 800 people.

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