UPDATE 3-Radio broadcaster Regent Communications files Ch. 11

* Files prearranged Ch. 11 to cut debt by $87 mln

* Oaktree Capital funds to own majority stake in new co

* Lists assets of $166.5 mln, debt of $211.3 mln

* Owns and operates 62 stations - Co website (Adds details and background)

By Santosh Nadgir

BANGALORE, March 1 (Reuters) - U.S. radio broadcaster Regent Communications Inc RGCI.PK 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.

Under the plan, current stockholders will get about 12.8 cents for each share they own.

“The restructuring process will have no impact on Regent’s day-to-day operations and will not result in any changes to senior leadership,” the company said in a statement.

Anthony Vasconcellos, Regent’s chief financial officer, 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.

Prearranged bankruptcies have gained popularity in recent times as companies and their creditors agree on a reorganization plan prior to the filing, and have found it to be an efficient way to get through the court process.

Companies that make prepackaged filings are often able to exit court protection in 30 to 90 days.

Regent, struggling to cope with falling advertising revenue over the past year, joins other radio broadcasters like NextMedia Group Inc and Citadel Broadcasting Corp CTDB.OB in seeking Chapter 11 protection.

In court papers filed early on Monday, the company listed assets of $166.5 million and debt of $211.3 million.

Cincinnati, Ohio-based Regent owns and operates 62 stations in nine states in the United States, according to the company’s website. It employs about 800 people.

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 Vinu Pilakkott, Anne Pallivathuckal)