Big Las Vegas project cleared to exit bankruptcy

* Lenders had pushed debtor South Edge into bankruptcy

* Inspirada project once expected to have 11,500 homes

* Secured lenders recovering 90-93 pct of amount owed

* KBHome, Toll, others to keep control-papers

Oct 28 (Reuters) - A federal bankruptcy judge has cleared the way for the developer of Inspirada, a nearly 2,000-acre housing community near Las Vegas, to emerge from Chapter 11 protection under the control of several big U.S. homebuilders.

U.S. Bankruptcy Judge Bruce Markell in Las Vegas on Thursday approved the reorganization plan for South Edge LLC, which had developed the master planned community in Henderson, Nevada, court papers show.

Inspirada was once expected to have about 11,500 homes but stalled as the Las Vegas housing market collapsed.

The South Edge venture included several builders led by KBHome , with its 48.5 percent stake.

Lenders including JPMorgan Chase & Co , Wells Fargo & Co and Credit Agricole pushed South Edge into bankruptcy in December following a loan default. Several homebuilders settled with the lenders in June.

The reorganization plan calls for KBHome, Beazer Homes USA Inc , Toll Brothers Inc and Weyerhaeuser Co affiliate Weyerhaeuser Real Estate Co to retain control of Inspirada, court papers show.

Secured lenders would be paid between $329.5 million and $339.5 million, or 89.9 percent to 92.6 percent of the $367.5 million they are still owed, the papers show.

The case is In re: South Edge LLC, U.S. Bankruptcy Court, District of Nevada, No. 10-32968.