Excerpt:

Irvine-based SunCal Cos.’ largest proposed project—a 55,000-acre housing development planned near Albuquerque, N.M.—is no longer in bankruptcy. But the master developer still has a tough battle on its hands if it wants to retain an ownership stake or a management role in the land’s development.

The massive property, which is twice the size of Boston, now is being run by a court-appointed receiver.

There could be a chance that the project’s main lender—Barclays Capital Real Estate Inc., a unit of Barclays PLC—could push for a sale of the Albuquerque land, removing SunCal’s involvement in the development.