[CHENNAI] For sofa manufacturer HTL International, going into judicial management in 2020 did not mark the end, but paved the way for a return to its roots – or rather, to its founders.

Formerly listed on the Singapore Exchange mainboard since 1993, HTL International was bought over and delisted by Chinese furniture player Yihua Lifestyle Technology in 2016. The founders, brothers Phua Yong Tat and Phua Yong Pin, stayed on as management.

But when the Covid-19 pandemic hit, the company found itself unable to repay some US$46 million owed to various banks, due to a pandemic-induced cash flow crunch.