Man I've been having the same problem only I was about 195lbs, about 20% bodyfat (most in my gut) and I wanted to cut down.
Well, since late October, I've dropped to about 177lbs, not lost any muscle. I know this because I've gone slightly up on all my exercises at the gym.
I accomplished this by eating under 2,000 calories a day, high protein, high and quality fat sources, and most of my carbs coming from fibrous vegetables, fruits, and some oats. I've also been doing cardio 5x a week and have been consistent on the diet and the workouts. Supplements were Multivitamen, beta alanine, leviathan, DCP, and drive.
I am, however, not too my goal...I would like to trim up that last bit of fat and try to build some more muscle. I also don't know if the way I did it was the most effective way out there....i know a lot of people have had success with the "Anabolic Diet" also called "Metabolic Diet".
But good luck bro, with dedication and intelligence you will start seeing results soon and that will motivate you to keep going and next thing you know, summer will be here and you'll be feeling good on the beach!