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
ALLY FINL INC COM 02005N100 52,820 2,209,118 SH   SOLE   2,209,118 0 0
AMBAC FINL GROUP INC COM NEW 023139884 20,911 765,694 SH   SOLE   765,694 0 0
CHENIERE ENERGY INC COM NEW 16411R208 224,952 3,137,400 SH Call SOLE   3,137,400 0 0
CIT GROUP INC COM NEW 125581801 9,152 200,000 SH Call SOLE   200,000 0 0
CIVEO CORP COM 178787107 21,340 852,591 SH   SOLE   852,591 0 0
DYNEGY INC NEW DEL COM 26817R108 36,058 1,036,162 SH   SOLE   1,036,162 0 0
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 24,737 593,772 SH   SOLE   593,772 0 0
INTL PAPER CO COM 460146103 67,683 1,360,300 SH Call SOLE   1,360,300 0 0
NAVIENT CORP COM 63938C108 64,459 3,639,691 SH   SOLE   3,639,691 0 0
RENTECH INC COM 760112102 22,377 8,639,591 SH   SOLE   8,639,591 0 0
SEMGROUP CORP CL A 81663A105 27,733 351,716 SH   SOLE   351,716 0 0
VERSO PAPER CORP COM 92531L108 4,504 2,144,865 SH   SOLE   2,144,865 0 0
WESTMORELAND COAL CO COM 960878106 12,373 341,037 SH   SOLE   341,037 0 0
ASSURED GUARANTY LTD COM G0585R106 62,542 2,552,724 SH   SOLE   2,552,724 0 0
ASSURED GUARANTY LTD COM G0585R106 14,026 572,500 SH Call SOLE   572,500 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 26,022 432,980 SH   SOLE   432,980 0 0
BALTIC TRADING LIMITED COM Y0553W103 4,123 689,408 SH   SOLE   689,408 0 0
OCEAN RIG UDW INC SHS Y64354205 25,293 1,336,140 SH   SOLE   1,336,140 0 0