Current posture

What matters now

Apple Tree’s jointly administered Chapter 11 cases remain in an operating and portfolio-preservation phase, with the Court most recently authorizing the Partnership Debtor to provide up to $4 million of emergency interim funding to Aethon Therapeutics and Aulos Bioscience under the Second Interim Funding Order Dkt. 1033. That authority, in addition to earlier funding orders, permits funding through the specified budget and requires debtor-by-debtor, nonconsolidated expenditure accounts; it also preserves limited partners’ challenges to the source, allocation, and characterization of the funding. Apple Tree and affiliated debtors commenced these cases on December 9, 2025 through the voluntary Chapter 11 petition Dkt. 1, after a liquidity crisis involving its majority limited partners, Rigmora Biotech Investor One LP and Two LP. The debtors’ first-day account says the Rigmora entities did not fund capital calls and that, although the Delaware Chancery Court ordered specific performance for $96.96 million, the funds had not been received; the debtors also cited difficulty obtaining replacement financing and pending Cayman winding-up proceedings First-Day Declaration Dkt. 18. The restructuring was framed as a means to stabilize the portfolio companies…

Updated Aug 12, 2026