U.S. objects to Regent's reorganization vote plan

BANGALORE, March 19 (Reuters) - An acting U.S. trustee on Thursday objected to bankrupt radio broadcaster Regent Communications Inc's RGCI.PK request to waive a shareholder vote on its proposed reorganization plan.

The trustee argued that shareholders, who are entitled to a certain amount of cash under the plan, have the right to receive the disclosure statement and ultimately vote on the plan.

Regent's reorganization plan proposes to transfer ownership of the company to its lenders and paying unsecured creditors in full. Current shareholders are entitled to get a pro rata portion of $5.5 million in cash.

A U.S. trustee monitors the conduct of bankruptcy parties, oversees related administrative functions and acts to ensure compliance with applicable bankruptcy laws and procedures.

Separately, documents filed with the U.S. Securities and Exchange Commission show that Resilient Partners LP, which owns about 6.6 percent of Regent, intends to object to Regent's reorganization plan, or potentially file a rival plan.

Regent filed for Chapter 11 protection earlier this month as part of a prearranged deal that will cut its debt by $87 million.

It owns and operates 62 stations in nine states across America, according to the company's website.

The case is In re: Regent Communications Inc, U.S. Bankruptcy Court, District of Delaware, No:10-10632. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)