WOODBURY, N.Y. - Delta Financial Corp. announced on Wednesday that it would not make the coupon payment due Aug. 1 on $150 million of 9.5% senior secured notes and 9.5% senior notes due in August 2004.

Holders of the notes have been offered an opportunity to participate in an exchange offer that was launched on July 23 and will remain open until Aug. 20, , the company said.

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