Saudi contractor Mohammad Al Mojil Group (MMG) said on Monday it had appointed the investment banking arm of Gulf International Bank to advise it on a restructuring of its debts, Reuters reported. No value of the amount of debt being restructured was given in the statement, released to the Saudi stock exchange. MMG Group has been in financial difficulty for some time, with shareholders rejecting a plan to liquidate the company in November after its accumulated losses exceeded 75 percent of its capital at the end of the third quarter.

Corporate collapses and debt restructurings have been common in the Persian Gulf since the financial crisis. But the U.S. bankruptcy filing by the Bahrain-based investment firm Arcapita has presented an unusual sight for the region – a debt-laden company which is planning to sell all its assets to repay creditors and wind up its operations, The Wall Street Journal Middle East Real Time blog reported.

Arcapita Bank BSC, an Islamic-compliant fund manager, won court permission to borrow $350 million from Goldman Sachs International (GS) to finance its exit from bankruptcy, Bloomberg reported. U.S. Bankruptcy Judge Sean Lane in Manhattan approved the financing today after Goldman Sachs and Fortress Credit Corp. revised their loan offers in an auction held in a conference room outside of Lane’s court. Goldman Sachs made the best proposal, Michael Rosenthal, a lawyer for Arcapita, told Lane.

The Israeli government was debating the final points of a two-year austerity budget early Tuesday that would cut spending and raise taxes, outraging many Israelis who voted in a new government this year after promises of economic relief, the International Herald Tribune reported. Even before the new government’s first budget was approved, 12,000 Israelis took to the streets Saturday night in a show of anger reminiscent of the vast social protests that rocked the nation in the summer of 2011.

Dubai Group, an investment company owned by Dubai's ruler, has agreed to a $10 billion debt restructuring with its main bank creditors after three years of talks, potentially lifting a cloud of uncertainty that has engulfed the emirate since the financial crisis, The Wall Street Journal reported. If it goes through as expected, the restructuring will be a major step in the broader reorganization of Dubai's government companies in the wake of the financial crisis, analysts say.

The inadequacy of off-plan sales was supposed to be one of the lessons developers and regulators learned from the crisis, which sent real estate prices tumbling by more than half in some parts of Dubai. Such sales were problematic because customers paid up before projects were built. When the market turned sour and developers slowed down or scaled back, many investors had trouble getting their money back, The Wall Street Journal Middle East Real Time blog reported.

Debt-laden SolarWorld is close to securing financial backing from a Qatari investor, its chief executive said on Thursday, the second major move in a week in its efforts to get back on its feet. "We will publish the size of the potential stake at the extraordinary general meeting," Frank Asbeck, nicknamed the "sun king" by solar industry media, told Reuters on Thursday, declining to name the investor.

A U.S. court is expected on June 11 to confirm the restructuring plan of Bahrain-based Arcapita , the company said, making it the first Gulf company to file for bankruptcy protection under Chapter 11 rules, Thomson Reuters News & Insight reported. Like most investment companies in the region, Arcapita was hit by the financial crisis as it struggled to exit its investments and its fee income from raising fresh funds in the Gulf Arab region collapsed.

Nochi Dankner, the chairman of debt-ridden Israeli conglomerate IDB Holding Corp, won a key battle in a fight with bondholders, with a Tel Aviv court allowing Dankner to keep control of the company albeit with outside supervision, Reuters reported. Many of the companies IDB owns have been hard hit by a combination of slowing economic growth and increased competition. IDB Development, a unit of IDB Holding Corp , owes nearly 6 billion shekels ($1.7 billion) in total debt and its bondholders have charged that the company should be declared insolvent and cannot pay its debts.

After two weeks of negotiations over a possible $4.8bn loan deal to prop up Egypt’s flailing economy, an IMF team will probably return on Tuesday without a deal to Washington, where talks are likely to proceed, officials and diplomats said, the Financial Times reported. Hisham Qandil, Egyptian prime minister, told Bloomberg News that negotiations over terms of the loan may continue on the sidelines of the IMF’s spring conference in Washington.