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
AMERICAN AIRLINES GROUP INC COM 02376R102 153,033 4,181,243 SH   DFND 1,2,3 4,181,243 0 0
AMERICAN AIRLINES GROUP INC PFD A MAND CV 02376R409 12,627 457,516 SH   DFND 1,2,3 457,516 0 0
AMERICAN CAP LTD COM 02503Y103 75,240 4,765,010 SH   DFND 1,2,3 4,765,010 0 0
AMERICAN EAGLE OUTFITTERS COM 02553E106 9,189 750,700 SH   DFND 1,2,3 750,700 0 0
CLOUD PEAK ENERGY INC COM 18911Q102 5,765 272,707 SH   DFND 1,2,3 272,707 0 0
COMMUNITY HEALTH SYSTEMS INC COM 203668108 6,472 165,218 SH   DFND 1,2,3 165,218 0 0
DELEK US HOLDINGS INC COM 246647101 16,275 560,447 SH   DFND 1,2,3 560,447 0 0
DISH NETWORK CORP-A CL A 25470M109 20,889 335,776 SH   DFND 1,2,3 335,776 0 0
DYNEGY INC/NEW COM 26817R108 46,858 1,878,830 SH   DFND 1,2,3 1,878,830 0 0
ENERGY XXI BERMUDA USD UNRS SHS G10082140 16,042 680,603 SH   DFND 1,2,3 680,603 0 0
EXELON CORP COM 30161N101 37,755 1,125,000 SH   DFND 1,2,3 1,125,000 0 0
GENERAL MOTORS CO COM 37045V100 37,050 1,076,397 SH   DFND 1,2,3 1,076,397 0 0
GENERAL MOTORS-CW16 *W EXP 07/10/201 37045V118 3,338 96,985 SH Call DFND 1,2,3 96,985 0 0
GENERAL MOTORS-CW19 *W EXP 07/10/201 37045V126 3,338 96,985 SH Call DFND 1,2,3 96,985 0 0
GRAPHIC PACKAGING HOLDING CO COM 388689101 13,066 1,286,003 SH   DFND 1,2,3 1,286,003 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 14,279 535,984 SH   DFND 1,2,3 535,984 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 59,861 2,944,446 SH   DFND 1,2,3 2,944,446 0 0
MERCER INTERNATIONAL INC COM 588056101 25,075 3,343,374 SH   DFND 1,2,3 3,343,374 0 0
NCR CORPORATION COM 62886E108 5,479 149,900 SH   DFND 1,2,3 149,900 0 0
NOBLE CORP PLC SHS USD G65431101 30,871 942,916 SH   DFND 1,2,3 942,916 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 119,686 640,000 SH Put DFND 1,2,3 640,000 0 0
TESORO CORP COM 881609101 42,634 842,734 SH   DFND 1,2,3 842,734 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 78,063 1,749,120 SH   DFND 1,2,3 1,749,120 0 0
VANTAGE DRILLING CO ORD SHS G93205113 6,463 3,779,438 SH   DFND 1,2,3 3,779,438 0 0
YPF S.A.-SPONSORED ADR SPON ADR CL D 984245100 104,846 3,364,753 SH   DFND 1,2,3 3,364,753 0 0