(Bloomberg) -- Cimolai SpA, the Italian building firm that faced collapse after losing hundreds of millions of dollars on wrongway currency bets, received an award from its local business association after surviving the losses.

The Pordenone-Udine Chamber of Commerce, the trade body for the region of northern Italy where Cimolai is based, granted the family-owned firm “special recognition” as part of its annual awards ceremony, according to a statement. The company lost about €300 million ($327 million) when a series of high-risk bets on the euro-dollar exchange rate with firms including Deutsche Bank AG and JB Drax Honore went awry, forcing it to seek protection from creditors in October 2022. 

Cimolai has been restructuring its debts since then, winning approval earlier this year from Italy’s state-backed credit insurer and a UK court. The chamber of commerce awarded the prize “in consideration of its commitment to the relaunch and for the effort toward the company’s future,” according to the statement.

The award “confirms Cimolai’s constant commitment to promoting Italian manufacturing and excellence in the large works sector,” owner Luigi Cimolai said in the statement. “Our intention is to resume the growth path that has characterized us thanks to the high standard of our production.”

Cimolai, based in the small town of Porcia, traces its roots to 1949 when laborer Armando Cimolai, father of Luigi, opened a workshop to produce steel gates and windows, according to the company’s website. Today, the company helps erect bridges, buildings and stadiums around the world and says it employs 1,300 people directly.

The company’s near-collapse kicked off a legal battle with the group of banks and brokerages that sold it the derivatives that eventually blew up. The finance firms claimed they were left millions of dollars out of pocket when Cimolai failed to keep up with repayments — while Cimolai officials claimed that some of the derivatives were sold improperly without the knowledge of its board. 

Cimolai had to seek protection from its creditors with a local court and has over the last few months obtained the green light from tribunals in Trieste and London for a debt restructuring. The plan will allow unsecured creditors, including banks and derivative providers, to recover 15% of their original exposure. They could get back more depending on the future performance of the company.

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