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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

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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APTARGROUP INC COM 038336103   2,816,200 20,000 SH   DFND 3,4 0 20,000 0
INTERNATIONAL PAPER CO COM 460146103   157,497,500 3,650,000 SH   DFND 1,2,3,4 0 3,650,000 0
LL FLOORING HOLDINGS INC COM 55003T107   543,460 380,000 SH   DFND 1,2,3,4 0 380,000 0
MERCER INTL INC COM 588056101   26,901,000 3,150,000 SH   DFND 1,2,3,4 0 3,150,000 0
PACKAGING CORP AMER COM 695156109   7,302,400 40,000 SH   DFND 1,2,3,4 0 40,000 0
SUZANO S A SPON ADS 86959K105   126,526,400 12,320,000 SH   DFND 1,2,3,4 0 12,320,000 0
SYLVAMO CORP COMMON STOCK 871332102   433,034,344 6,312,454 SH   DFND 1,2,3,4 0 6,312,454 0