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    <nameOfIssuer>ALTICE USA INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>02156K103</cusip>
    <value>14599</value>
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      <sshPrnamt>679647</sshPrnamt>
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      <Sole>679647</Sole>
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      <None>0</None>
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    <nameOfIssuer>CONSTELLIUM NV</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>N22035104</cusip>
    <value>22623</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2835002</sshPrnamt>
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    <votingAuthority>
      <Sole>2835002</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>DOWDUPONT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>26078J100</cusip>
    <value>24400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>457700</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>457700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ENZO BIOCHEM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294100102</cusip>
    <value>12521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4586419</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4586419</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FRONTLINE LTD</nameOfIssuer>
    <titleOfClass>SHS NEW</titleOfClass>
    <cusip>G3682E192</cusip>
    <value>35810</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5543410</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5543410</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENCO SHIPPING &amp; TRADING LTD</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y2685T131</cusip>
    <value>15072</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2020398</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2020398</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>GENTHERM INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37253A103</cusip>
    <value>9962</value>
    <shrsOrPrnAmt>
      <sshPrnamt>270257</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>270257</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>48251W104</cusip>
    <value>9260</value>
    <shrsOrPrnAmt>
      <sshPrnamt>394200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>394200</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>KRATON CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>50077C106</cusip>
    <value>22714</value>
    <shrsOrPrnAmt>
      <sshPrnamt>705832</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>705832</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MAGNACHIP SEMICONDUCTOR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55933J203</cusip>
    <value>20685</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2795256</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>2795256</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>NAVIOS MARITIME CONTAINERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT RP LP</titleOfClass>
    <cusip>Y62151108</cusip>
    <value>12066</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5048651</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>5048651</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NAVIOS MARITIME PARTNERS LP</nameOfIssuer>
    <titleOfClass>UNIT LPI</titleOfClass>
    <cusip>Y62267102</cusip>
    <value>9116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10017188</sshPrnamt>
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      <Sole>10017188</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>PAR PACIFIC HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>69888T207</cusip>
    <value>13492</value>
    <shrsOrPrnAmt>
      <sshPrnamt>757580</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>757580</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SAFE BULKERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y7388L103</cusip>
    <value>1052</value>
    <shrsOrPrnAmt>
      <sshPrnamt>720367</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>720367</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>SCORPIO BULKERS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y7546A122</cusip>
    <value>22775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5930905</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>5930905</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SCORPIO TANKERS INC</nameOfIssuer>
    <titleOfClass>SHS</titleOfClass>
    <cusip>Y7542C130</cusip>
    <value>26978</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1359761</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1359761</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>STAR BULK CARRIERS CORP</nameOfIssuer>
    <titleOfClass>SHS PAR</titleOfClass>
    <cusip>Y8162K204</cusip>
    <value>9531</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1448412</sshPrnamt>
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      <Sole>1448412</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>XPERI CORPORATION</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98421B100</cusip>
    <value>16136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>689556</sshPrnamt>
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      <Sole>689556</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>INVESCO CURRENCYSHARES EURO</nameOfIssuer>
    <titleOfClass>EURO SHS</titleOfClass>
    <cusip>46138K103</cusip>
    <value>58861</value>
    <shrsOrPrnAmt>
      <sshPrnamt>550000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>550000</None>
    </votingAuthority>
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    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>RUSSELL 2000 ETF</titleOfClass>
    <cusip>464287655</cusip>
    <value>229635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>1500000</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>20 YR TR BD ETF</titleOfClass>
    <cusip>464287432</cusip>
    <value>25288</value>
    <shrsOrPrnAmt>
      <sshPrnamt>200000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>200000</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESLA INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88160R101</cusip>
    <value>22389</value>
    <shrsOrPrnAmt>
      <sshPrnamt>80000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>80000</None>
    </votingAuthority>
  </infoTable>
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