(Recasts with initial deal timing, changes story identifier, adds details, background) DUBAI, April 15 (Reuters) - Binladin International Holding Group, Saudi Arabia’s biggest construction company, expects to reach an initial agreement to restructure its debt by June, Al Arabiya TV channel reported on Thursday citing CEO Khalid al-Gwaiz. He declined to disclose the size of the debt pile, but told Al Arabiya it was “not far from” 33 billion riyals ($8.8 billion) and added that the ongoing restructuring process with lenders is the biggest in the Middle East. Binladin has been in talks since last year to refinance billions of dollars in debt, appointing Houlihan Lokey as financial adviser, sources have said. Last week, the construction company held a virtual meeting with lenders to discuss a restructuring proposal approved by the company’s board that it said would align “stakeholder incentives to support the company”. Gwaiz said lenders have indicated preliminary approval for the plan, according to the Al Arabiya report. He also said a formal initial agreement is expected in June, before details are finalised and documented by September or the fourth quarter. Sources told Reuters in 2019 that Binladin’s debt was between $20 and $30 billion. ($1 = 3.7503 riyals) (Reporting by Maher Chmaytelli and Yousef Saba. Editing by Jane Merriman)