HTL co-founder agrees to buy back troubled sofa maker

Mr Phua Yong Tat, co-founder and former managing director of HTL International, and his associates have signed a sale and purchase agreement with court-appointed interim judicial managers from Deloitte and Touche to rescue the firm. The transaction i
Co-founder and former managing director of HTL International Phua Yong Tat and his associates have signed a sale and purchase agreement to rescue the firm.PHOTO: ST FILE

Distressed Singapore-based sofa maker HTL International has been given a lifeline, with co-founder Phua Yong Tat signing an agreement to buy back the company.

Mr Phua and his associates have signed the sale and purchase agreement with the interim judicial managers from Deloitte and Touche, who had been appointed by the High Court.

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A version of this article appeared in the print edition of The Straits Times on June 01, 2020, with the headline 'HTL co-founder agrees to buy back troubled sofa maker'. Subscribe