MobileMedia defends Arch merger: MobileMedia Corp., which plans to merge with Arch Communications Group Inc. to form the second-largest US paging company, said completionof the deal would be the "best available outcome" for all its creditors, including those with unsecured claims. New Generation Advisers Inc., a Boston-based investment manager representing some MobileMedia bondholders, said earlier that it would contest the plan, saying MobileMedia's purchase price was too high. Arch is currently the No. 3 paging company in the United States. MobileMedia, which has operated under bankruptcy protection since January 1997, provides paging and personal communications services. The US Bankruptcy Court for the District of Delaware approved several elements in the companies' $649 million merger pact, which had been announced in August.

Shanghai Sewing Machine to sell assets: Shareholders of Shanghai Industrial Sewing Machine Co have approved a plan to sell assets for at least 338.93 million yuan ($40.93 million), a company statement said on Tuesday. The assets, including equipment to produce sewing machines, would be sold to Shanghai Light Industry Holdings (Group) Co, thestatement published in the Shanghai Securities News said. The two sides must still reach an agreement on a final price but it would not be below the asset value assessed at 338.93 million yuan, the statement said.