Stamford-based OxyContin maker Purdue Pharma is expected to file for bankruptcy after attempts to reach a nationwide settlement over the opioid crisis have hit an impasse.
State attorneys general for Tennessee and North Carolina have led the negotiations. They told other attorneys general on Saturday that the Sackler family, which owns Purdue, had rejected two offers and declined to offer counterproposals.
The attorneys general said they expect Purdue to file "for bankruptcy protection imminently."
The company declined 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.
