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
Estimated average burden
hours per response: 23.8
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
ALTABA INC COM 021346101 3,709 54,474 SH   SOLE 54,474 0 0
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 395 39,906 SH   SOLE 39,906 0 0
ASSURED GUARANTY LTD COM G0585R106 31,107 736,425 SH   SOLE 736,425 0 0
BAUSCH HEALTH COS INC COM 071734107 69,342 2,701,298 SH   SOLE 2,701,298 0 0
BAUSCH HEALTH COS INC CALL 071734907 40,500 1,800,000 SH Call SOLE 1,800,000 0 0
CONSTELLIUM NV CL A N22035104 21,143 1,711,977 SH   SOLE 1,711,977 0 0
CROWN HOLDINGS INC COM 228368106 16,516 344,090 SH   SOLE 344,090 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 62,082 11,049,962 SH   SOLE 11,049,962 0 0
ECHOSTAR CORP CL A 278768106 10,006 215,787 SH   SOLE 215,787 0 0
ENCANA CORP COM 292505104 19,441 1,482,877 SH   SOLE 1,482,877 0 0
ENERGY TRANSFER EQUITY L P COM UT LTD PTN 29273V100 802 46,000 SH   SOLE 46,000 0 0
FRONTIER COMMUNICATIONS CORP COM NEW 35906A306 6,180 952,252 SH   SOLE 952,252 0 0
GENERAL MTRS CO COM 37045V100 13,320 395,600 SH   SOLE 395,600 0 0
HUNTSMAN CORP COM 447011107 8,232 302,299 SH   SOLE 302,299 0 0
ISHARES TR PUT 464287955 279,710 1,685,000 SH Put SOLE 1,685,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 14,323 694,272 SH   SOLE 694,272 0 0
MGIC INVT CORP WIS COM 552848103 7,485 562,384 SH   SOLE 562,384 0 0
MICHAELS COS INC COM 59408Q106 26,163 1,612,045 SH   SOLE 1,612,045 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 1,900 61,290 SH   SOLE 61,290 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 3,216 263,000 SH   SOLE 263,000 0 0
OI S A SPONSORED ADR NE 670851500 102,424 37,467,877 SH   SOLE 37,467,877 0 0
PG&E CORP COM 69331C108 18,230 396,215 SH   SOLE 396,215 0 0
SPDR S&P 500 ETF TR PUT 78462F953 702,195 2,535,000 SH Put SOLE 2,535,000 0 0
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 1,326 79,415 SH   SOLE 79,415 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 34,256 2,364,102 SH   SOLE 2,364,102 0 0
UNIVAR INC COM 91336L107 9,689 316,000 SH   SOLE 316,000 0 0
VISTRA ENERGY CORP COM 92840M102 53,649 2,156,306 SH   SOLE 2,156,306 0 0
XEROX CORP COM NEW 984121608 14,434 535,000 SH   SOLE 535,000 0 0