Execs: Bankrupt NY dental chain's equipment sold

December 12, 2011 - 7:35 PM

BUFFALO, N.Y. (AP) — Executives of a bankrupt New York-based dental chain that abruptly closed offices in 13 states last year say virtually all of the company's equipment has been sold off to pay creditors.

Allcare Dental Management's chief executive officer, David Pennington, and President Robert Bates answered questions about the financial state of the business at a creditors meeting in U.S. Bankruptcy Court in Buffalo Monday. It was the first such meeting since Allcare filed for Chapter 7 liquidation in November, nearly a year after closing.

Court filings show HSBC Bank is the largest creditor and is owed $1.7 million on a loan. Velocity Network Inc. of Erie, Pa., which provided Internet services, has a $1.3 million judgment.

Neither Pennington nor Bates would comment following Monday's meeting.