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
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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
AMERICAN AIRLINES GROUP INC COM 02376R102 96,527 2,417,112 SH   DFND 1,2,3 2,417,112 0 0
AMERICAN CAP LTD COM 02503Y103 31,508 2,325,349 SH   DFND 1,2,3 2,325,349 0 0
CALPINE CORP COM 131347304 29,923 1,663,338 SH   DFND 1,2,3 1,663,338 0 0
GENER8 MARITIME INC COM Y26889108 33,251 2,439,559 SH   DFND 1,2,3 2,439,559 0 0
GENERAL MOTORS CO COM 37045V100 37,798 1,134,052 SH   DFND 1,2,3 1,134,052 0 0
GENERAL MOTORS-CW16 *W EXP 07/10/201 37045V118 2,369 99,679 SH Call DFND 1,2,3 99,679 0 0
GENERAL MOTORS-CW19 *W EXP 07/10/201 37045V126 1,600 99,679 SH Call DFND 1,2,3 99,679 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 16,782 926,136 SH   DFND 1,2,3 926,136 0 0
ISHARES IBOXX HI YD ETF 464288513 88,800 1,000,000 SH Put DFND 1,2,3 1,000,000 0 0
MERCER INTERNATIONAL INC COM 588056101 47,806 3,494,626 SH   DFND 1,2,3 3,494,626 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 566,088 2,750,000 SH Put DFND 1,2,3 2,750,000 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 32,930 621,210 SH   DFND 1,2,3 621,210 0 0
VANTAGE DRILLING COMPANY ORD SHS G93205113 330 1,744,368 SH   DFND 1,2,3 1,744,368 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 94,850 3,457,894 SH   DFND 1,2,3 3,457,894 0 0