General Growth Properties Inc.  is seeking court permission to sell more than 60 acres  in Las Vegas’ Summerlin residential development to a pair of home builders for about $38 million, pending higher bids at auction.

The deal will bring in cash that can be used to repay creditors and allow building to resume in the 22,500-acre development northwest of the Las Vegas strip, General Growth said in papers filed Thursday with the U.S. Bankruptcy Court in Manhattan. Get the full story »