The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Boyd Gaming Corporation COM 103304101 1,008 76,400 SH   DFND 1,2 76,400 0 0
Caesars Acquisition Company CL A 12768T103 445 31,300 SH   DFND 1,2 31,300 0 0
Central European Media NOTE 5.000% 11/15/2015 153443AH9 17,467 17,869,000 SH   DFND 1,2 17,869,000 0 0
Central European Media NOTE 5.000% 11/15/2015 153443AH9 105,440 107,867,000 SH   DFND   107,867,000 0 0
Central European Media CL A NEW G20045202 1,695 576,555 SH   DFND   576,555 0 0
CIT Group, Inc. COM NEW 125581801 1,563 31,880 SH   DFND 1,2 31,880 0 0
CIT Group, Inc. COM NEW 125581801 18,310 373,520 SH   DFND 1,2,3,4,5,9 373,520 0 0
CIT Group, Inc. COM NEW 125581801 65,446 1,335,089 SH   DFND 1,2,6,7,8 1,335,089 0 0
DHT Holdings Inc. SHS NEW Y2065G121 1,515 194,700 SH   DFND 1,2 194,700 0 0
DHT Holdings Inc. SHS NEW Y2065G121 12,518 1,609,000 SH   DFND 1,2,3,4,5,9 1,609,000 0 0
Dynegy Inc. Del New COM 26817R108 3,713 148,887 SH   DFND 1,2 148,887 0 0
Dynegy Inc. Del New COM 26817R108 54,697 2,193,124 SH   DFND 1,2,3,4,5,9 2,193,124 0 0
Dynegy Inc. Del New COM 26817R108 71,897 2,882,785 SH   DFND 1,2,6,7,8 2,882,785 0 0
Ford Mtr Co Del NOTE 4.250%11/1 345370CN8 9,053 5,000,000 SH   DFND 1,2 5,000,000 0 0
General Motors Co. COM 37045V100 2,360 68,574 SH   DFND 1,2 68,574 0 0
General Motors Co. COM 37045V100 2,788 80,990 SH   DFND 1,2,3,4,5,9 80,990 0 0
General Motors Co. COM 37045V100 19,845 576,543 SH   DFND 1,2,6,7,8 576,543 0 0
General Motors Co. *W EXP 07/10/2016 37045V118 3,629 146,087 SH   DFND 1,2 146,087 0 0
General Motors Co. *W EXP 07/10/2016 37045V118 25,802 1,038,745 SH   DFND 1,2,3,4,5,9 1,038,745 0 0
General Motors Co. *W EXP 07/10/2016 37045V118 18,135 730,071 SH   DFND 1,2,6,7,8 730,071 0 0
General Motors Co. *W EXP 07/10/2019 37045V126 2,532 145,423 SH   DFND 1,2 145,423 0 0
General Motors Co. *W EXP 07/10/2019 37045V126 19,628 1,127,409 SH   DFND 1,2,3,4,5,9 1,127,409 0 0
General Motors Co. *W EXP 07/10/2019 37045V126 19,953 1,146,071 SH   DFND 1,2,6,7,8 1,146,071 0 0
Houghton Mifflin Harcourt Company COM 44157R109 74,244 3,651,931 SH   DFND 1,2 3,651,931 0 0
Houghton Mifflin Harcourt Company COM 44157R109 76,541 3,764,949 SH   DFND 1,2,3,4,5,9 3,764,949 0 0
Houghton Mifflin Harcourt Company COM 44157R109 83,406 4,102,617 SH   DFND 1,2,6,7,8 4,102,617 0 0
IFM INVESTMENTS LIMITED ADS CL A NEW 45172L209 3,268 2,042,078 SH   DFND   2,042,078 0 0
Jarden Corp NOTE 1.875% 9/1 471109AH1 5,563 4,000,000 SH   DFND 1,2 4,000,000 0 0
Hovnanian Enterprises Inc. CL A 442487203 456 96,487 SH   DFND 1,2 96,487 0 0
Hovnanian Enterprises Inc. CL A 442487203 7,320 1,547,560 SH   DFND 1,2,3,4,5,9 1,547,560 0 0
Hovnanian Enterprises Inc. CL A 442487203 20,485 4,330,895 SH   DFND 1,2,6,7,8 4,330,895 0 0
Magnachip Semiconductor COM 55933J203 17,801 1,277,006 SH   DFND 1,2 1,277,006 0 0
Magnachip Semiconductor COM 55933J203 39,199 2,811,972 SH   DFND 1,2,3,4,5,9 2,811,972 0 0
Meritor Inc NOTE 7.875% 3/0 59001KAC4 28,536 18,697,000 SH   DFND 1,2 18,697,000 0 0
Meritor, Inc COM 59001K100 1,193 97,405 SH   DFND 1,2 97,405 0 0
Meritor, Inc COM 59001K100 22,001 1,795,977 SH   DFND 1,2,3,4,5,9 1,795,977 0 0
Meritor, Inc COM 59001K100 66,789 5,452,175 SH   DFND 1,2,6,7,8 5,452,175 0 0
MGIC Invt Corp Wis NOTE 2.000% 4/0 552848AE3 17,918 12,644,000 SH   DFND 1,2 12,644,000 0 0
MGIC Invt Corp Wis NOTE 2.000% 4/0 552848AE3 44,657 32,125,000 SH   DFND 1,2,3,4,5,9 32,125,000 0 0
MGIC Invt Corp Wis NOTE 2.000% 4/0 552848AE3 53,812 38,711,000 SH   DFND 1,2,6,7,8 38,711,000 0 0
MGIC Invt Corp Wis COM 552848103 796 93,432 SH   DFND 1,2 93,432 0 0
MGIC Invt Corp Wis COM 552848103 12,416 1,457,333 SH   DFND 1,2,3,4,5,9 1,457,333 0 0
MGIC Invt Corp Wis COM 552848103 32,710 3,839,235 SH   DFND 1,2,6,7,8 3,839,235 0 0
Royal BK Scotland Group PLC SP ADR L RP PF 780097788 3,292 152,751 SH   DFND   152,751 0 0
Royal BK Scotland Group PLC ADR PREF SHS R 780097747 2,190 99,319 SH   DFND   99,319 0 0
Royal BK Scotland Group PLC ADR PFD SER P 780097762 444 20,000 SH   DFND   20,000 0 0
Royal BK Scotland Group PLC ADR PREF SER N 780097770 96 4,240 SH   DFND   4,240 0 0
Royal BK Scotland Group PLC SP ADR PREF M 780097796 624 27,402 SH   DFND   27,402 0 0
Royal BK Scotland Group PLC SP ADR PREF S 780097739 662 28,650 SH   DFND   28,650 0 0
Scorpio Bulkers Inc. SHS Y7546A106 27,505 2,720,565 SH   DFND   2,720,565 0 0
Scorpio Bulkers Inc. SHS Y7546A106 1,418 140,227 SH   DFND 1,2 140,227 0 0
Scorpio Bulkers Inc. SHS Y7546A106 38,498 3,807,940 SH   DFND 1,2,3,4,5,9 3,807,940 0 0
Scorpio Bulkers Inc. SHS Y7546A106 36,995 3,659,268 SH   DFND 1,2,6,7,8 3,659,268 0 0
Scorpio Tankers Inc. SHS Y7542C106 16,500 1,654,975 SH   DFND   1,654,975 0 0
Scorpio Tankers Inc. SHS Y7542C106 1,077 108,059 SH   DFND 1,2 108,059 0 0
Scorpio Tankers Inc. SHS Y7542C106 20,004 2,006,457 SH   DFND 1,2,3,4,5,9 2,006,457 0 0
Scorpio Tankers Inc. SHS Y7542C106 42,791 4,291,937 SH   DFND 1,2,6,7,8 4,291,937 0 0
Tronox Ltd SHS CL A Q9235V101 177 7,435 SH   DFND 1,2 7,435 0 0
Tronox Ltd SHS CL A Q9235V101 2,666 112,150 SH   DFND 1,2,3,4,5,9 112,150 0 0
Tronox Ltd SHS CL A Q9235V101 46,503 1,956,382 SH   DFND 1,2,6,7,8 1,956,382 0 0
Verso Paper Corp COM 92531L108 25 8,553 SH   DFND 1,2 8,553 0 0
Verso Paper Corp COM 92531L108 836 289,144 SH   DFND 1,2,3,4,5,9 289,144 0 0
Verso Paper Corp COM 92531L108 6,242 2,159,762 SH   DFND 1,2,6,7,8 2,159,762 0 0
Weight Watchers Intl Inc New COM 948626956 164 8,000 SH Put DFND 1,2 8,000 0 0
Weight Watchers Intl Inc New COM 948626956 485 23,600 SH Put DFND 1,2,3,4,5,9 23,600 0 0
YRC Worldwide Inc NOTE 10.000% 3/3 984249AB8 683 649,001 SH   DFND 1,2 649,001 0 0
YRC Worldwide Inc NOTE 10.000% 3/3 984249AB8 20,945 19,915,092 SH   DFND 1,2,3,4,5,9 19,915,092 0 0
YRC Worldwide Inc NOTE 10.000% 3/3 984249AB8 13,378 12,720,608 SH   DFND 1,2,6,7,8 12,720,608 0 0
YRC Worldwide Inc. COM PAR $.01 984249607 32,155 1,429,123 SH   DFND 1,2 1,429,123 0 0
YRC Worldwide Inc. COM PAR $.01 984249607 53,671 2,385,390 SH   DFND 1,2,3,4,5,9 2,385,390 0 0
YRC Worldwide Inc. COM PAR $.01 984249607 77,819 3,458,612 SH   DFND 1,2,6,7,8 3,458,612 0 0