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

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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
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 10,727 2,394,312 SH   SOLE 2,394,312 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131 135,404 10,165,428 SH   SOLE 10,165,428 0 0
ISHARES TR IBOXX HI YD ETF 464288513 165,096 1,892,000 SH Put SOLE 1,892,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 20,681 237,000 SH   SOLE 237,000 0 0
PENN VA CORP NEW COM 70788V102 60,002 1,534,180 SH   SOLE 1,534,180 0 0
SEADRILL PARTNERS LLC COMUNIT REP LB Y7545W109 13,542 3,700,000 SH   SOLE 3,700,000 0 0
SILVERBOW RES INC COM 82836G102 133,040 4,476,462 SH   SOLE 4,476,462 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 117,418 440,000 SH Put SOLE 440,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 13,343 50,000 SH   SOLE 50,000 0 0
TERRAFORM PWR INC COM CL A 88104R209 166,302 13,904,890 SH   SOLE 13,904,890 0 0