Biotech Venture Firm Apple Tree Goes Bankrupt Amid Dispute with Billionaire Backer

Biotech venture firm Apple Tree goes bankrupt amid dispute with billionaire backer

An unusual tussle over the availability of funds for Apple Tree’s startups led the firm to seek protection from creditors while it restructures.

Apple Tree Filed for Chapter 11 Amid $97M Funding Dispute

Biotechnology investor Apple Tree Life Sciences Inc. and affiliated entities filed for Chapter 11 bankruptcy protection in Delaware on Tuesday, days after a Chancery Court judge ordered Russian billionaire Dmitry Rybolovlev to provide $97 million to support Apple Tree’s struggling medical portfolio. In its petition, Apple Tree reported $1 billion to $10 billion in assets Apple Tree filed for Chapter 11 as $97M court order follows funding dispute

Apple Tree files for bankruptcy as it seeks funds from Russian billionaire backer

Apple Tree Partners filed for voluntary Chapter 11 relief in US bankruptcy court on Wednesday, seeking to restructure and keep its portfolio afloat as it continues an effort to get its main investor to hand over tens of millions of dollars.