Bankrupt Biotech Firm Apple Tree Wins Access to $97 Million

Apple Tree Life Sciences can use $97 million to keep operating in bankruptcy, over the objection of the Russian billionaire who provided the cash, a federal judge ruled.

• The company needs the money to help reorganize several biotech startups funded by the family trust of Dmitry Rybolovlev, who has been fighting his estranged business partner over how Apple Tree is managed
• The decision is a win for biotech entrepreneur Seth Harrison who oversees Apple Tree and several portfolio companies he helped start while working with Rybolovlev
• The ruling means that a proposal by Oaktree Capital Management to lend the ...