Larry Flynt is taking a good, long look at Penthouse.
The controversial publisher of rival girlie title Hustler is said to be one of several potential buyers in a bankruptcy fire sale of cash-strapped Penthouse and its troubled parent, General Media.

Penthouse’s parent, which has languished in bankruptcy court here for three months, has been put on the block to raise more than $67 million for angry creditors who had demanded a liquidation of the skin empire built by Bob Guccione.

Sources said that if a sale can be completed by Christmas, creditors will back off their legal fight for a total liquidation. Additional loans were arranged from creditors on the stipulation that the media company will be sold.

At least a half-dozen serious buyers are looking at financial records, sources said. Prospective buyers include several distressed-asset fund investors as well as strategic buyers, said to include Hustler and other rivals.

The empire could fetch more than $30 million.

Hustler had no immediate comment on the sale.

The company’s bankruptcy lawyer, Robert Feinstein, said the court and creditors are seeking a “fast sale.”

“There’s considerable interest,” Feinstein said.

He declined to identify any prospective buyers but acknowledged that rival publishers “large and small” had expressed an interest in the assets.

Penthouse is the flagship of the operation, with a circulation of 530,000. Other assets include cable TV operations and video, along with brand merchandising.

“There’s still a lot of life left in the company,” said Feinstein.

Guccione, who founded the title 38 years ago, is expected to remain with a new owner. Guccione controls 85 percent of the parent’s stock.