Attempts to reach a nationwide settlement over the opioid crisis with OxyContin maker Purdue Pharma have hit an impasse, and the company is expected to file for bankruptcy.
State attorneys general for Tennessee and North Carolina have been leading the negotiations. They sent a message Saturday to other attorneys general saying the Sackler family, which owns Purdue, had rejected two offers from the states and declined to offer counterproposals.
As a result, the attorneys general said they expect Stamford, Connecticut-based Purdue to file “for bankruptcy protection imminently.”
Purdue spokeswoman Josephine Martin said the company would decline to comment.
The breakdown puts the first federal trial over the opioid epidemic on track to begin next month and sets the stage for a complex bankruptcy involving more than 30 states and 2,000 local governments.
Mulvihill reported from New Jersey.