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 59,801 1,540,073 SH   DFND 1,2,3 1,540,073 0 0
AMERICAN CAP LTD COM 02503Y103 25,863 2,126,878 SH   DFND 1,2,3 2,126,878 0 0
CALPINE CORP COM 131347304 24,599 1,684,869 SH   DFND 1,2,3 1,684,869 0 0
GENER8 MARITIME INC COM Y26889108 26,713 2,439,559 SH   DFND 1,2,3 2,439,559 0 0
GENERAL MOTORS CO COM 37045V100 31,791 1,059,005 SH   DFND 1,2,3 1,059,005 0 0
GENERAL MOTORS-CW16 *W EXP 07/10/201 37045V118 1,971 96,730 SH Call DFND 1,2,3 96,730 0 0
GENERAL MOTORS-CW19 *W EXP 07/10/201 37045V126 1,279 96,730 SH Call DFND 1,2,3 96,730 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 14,571 870,934 SH   DFND 1,2,3 870,934 0 0
ISHARES TR IBOXX HI YD ETF 464288513 87,455 1,050,000 SH Call DFND 1,2,3 1,050,000 0 0
MERCER INTERNATIONAL INC COM 588056101 32,828 3,273,002 SH   DFND 1,2,3 3,273,002 0 0
UNITED CONTINENTAL HOLDINGS COM 910047109 27,888 525,700 SH   DFND 1,2,3 525,700 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 49,265 3,234,725 SH   DFND 1,2,3 3,234,725 0 0