UPDATE 1-Court OKs Regent Communications' reorganization plan

* Ruling clears the way for Regent to exit bankruptcy

* Judge denies shareholder's motion for equity committee

April 13 (Reuters) - A U.S. bankruptcy judge on Monday confirmed Regent Communications Inc's RGCIQ.PK reorganization plan, clearing the way for the radio broadcaster to exit Chapter 11 protection.

Judge Kevin Gross of the Delaware Bankruptcy Court denied a motion by shareholder Resilient Capital Partners LLC, which sought the appointment of an equity committee, saying that the process would delay the confirmation hearing by a month.

During that time, Regent would be in financial distress and it is likely that the $5.5 million available to shareholders under the reorganization plan would no longer be available, court documents quoted the judge as saying.

Resilient owns about 6.6 percent of Regent and had objected to the reorganization plan.

Regent's reorganization plan will 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 the $5.5 million.

Regent filed for Chapter 11 protection in March as part of a pre-arranged deal that proposed to cut its debt by $87 million. It owns and operates 62 stations in nine states across the United States.

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 Gopakumar Warrier)