Dive Brief:
- Biotechnology venture firm Apple Tree Partners has filed for bankruptcy to implement a restructuring plan that will ensure its startup companies continue to be funded.
- The bankruptcy filing announced Wednesday comes amid a months-long dispute between ATP and its primary backers, a pair of entities associated with Russian billionaire Dmitry Rybolovlev. The venture firm sued those entities, Rigmora Biotech Investor One and Two, in Delaware Chancery Court earlier this year, alleging they were withholding funds promised to its startups. A Chancery court recently sided with the firm and ordered its backer to pay up about $97 million.
- Rigmora counter-sued in the Cayman…