The company’s board proposed that creditors maintain existing security packages and lenders be given several paths to increase their recovery of loans DUBAI: Binladin International Holding Group, Saudi Arabia’s biggest construction company, will hold a virtual meeting with lenders on Wednesday to discuss a recapitalization proposal approved by its board, the company said. Binladin has been in talks since last year to refinance billions of dollars in debt, appointing Houlihan Lokey as financial adviser, sources have said. The company’s board proposed that creditors maintain existing security packages and lenders be given several paths to increase their recovery of loans, Binladin told Reuters. The proposal would align “stakeholder incentives to support the company,” it said in its statement, adding Binladin was well-positioned to capitalize on opportunities in Saudi Arabia. “There will be no contracting business without the continued support of the lenders and the transaction has been designed intelligently to capture stakeholders support and position the business for an immense opportunity ahead,” Arun Reddy, managing director of Houlihan Lokey, said in the statement. The company did not give details about how much debt was being restructured or what the new structures would be, but it said the proposal would give creditors “several options to enhance their recoveries” by taking part in new Binladin projects. It said the plan would give the company a platform to grow, raise cash, fund new projects and launch a turnaround. Further details about the refinancing will be announced on April 5, Binladin said.