SECURITIES
From Times Staff and Wire Reports
Drexel Close to Emerging from Bankruptcy: Drexel Burnham Lambert Inc. filed a detailed disclosure statement Friday, moving the firm closer to a vote by creditors on its plan to emerge from Chap. 11 bankruptcy proceedings. Drexel said the postbankruptcy company, temporarily called Newco, will be a merchant bank and advisory business with initial assets of about $450 million, made up mostly of junk bonds and bridge loans the firm had made in the late 1980s. Drexel said that once established, Newco might be put up for sale.
