Denver-based Vanguard did not pay about $15 million due as interest on its 7.785% senior notes due 2020, which total $381.8 million in principal.
The company said it received approval for the move, which is allowed under its debt agreement, from its group of first lien lenders.
The delay is designed to put Vanguard in a stronger financial position as it heads towards the fall redetermination of its borrowing base and give it more time to line up new sources of capital.
Lenders
