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
ADIENT PLC ORD SHS G0084W101 6,538 100,000 SH   SOLE   100,000 0 0
ALERE INC COM 01449J105 1,506 30,000 SH   SOLE   30,000 0 0
ALLY FINL INC COM 02005N100 2,090 100,000 SH   SOLE   100,000 0 0
ALTABA INC COM 021346101 309,934 5,688,943 SH   SOLE   5,688,943 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,516 50,000 SH   SOLE   50,000 0 0
BANK AMER CORP COM 060505104 31,232 1,287,400 SH   SOLE   1,287,400 0 0
BRASKEM S A SP ADR PFD A 105532105 2,282 110,150 SH   SOLE   110,150 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 6,128 400,000 SH   SOLE   400,000 0 0
CIGNA CORPORATION COM 125509109 31,598 188,769 SH   SOLE   188,769 0 0
CIT GROUP INC COM NEW 125581801 19,305 396,400 SH   SOLE   396,400 0 0
CITIGROUP INC COM NEW 172967424 51,498 770,000 SH   SOLE   770,000 0 0
CONCORDIA INTERNATIONAL CORP COM 20653P102 47 30,000 SH   SOLE   30,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 9,025 147,683 SH   SOLE   147,683 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 6,136 70,000 SH   SOLE   70,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 53,740 1,000,000 SH   SOLE   1,000,000 0 0
FIRSTENERGY CORP COM 337932107 21,141 725,000 SH   SOLE   725,000 0 0
FORTERRA INC COM 34960W106 7,700 935,603 SH   SOLE   935,603 0 0
GENERAL MTRS CO COM 37045V100 18,806 538,392 SH   SOLE   538,392 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,414 81,292 SH   SOLE   81,292 0 0
HERC HLDGS INC COM 42704L104 4,260 108,333 SH   SOLE   108,333 0 0
HERTZ GLOBAL HLDGS INC COM 42806J106 2,070 180,000 SH   SOLE   180,000 0 0
JPMORGAN CHASE & CO COM 46625H100 36,560 400,000 SH   SOLE   400,000 0 0
KRATON CORPORATION COM 50077C106 1,890 54,878 SH   SOLE   54,878 0 0
MAGNA INTL INC COM 559222401 14,200 306,500 SH   SOLE   306,500 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 8,454 853,970 SH   SOLE   853,970 0 0
MERCER INTL INC COM 588056101 22,200 1,930,410 SH   SOLE   1,930,410 0 0
MICRON TECHNOLOGY INC COM 595112103 7,465 250,000 SH   SOLE   250,000 0 0
MYLAN N V SHS EURO N59465109 4,464 115,000 SH   SOLE   115,000 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 14,950 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 13,817 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 776 45,042 SH   SOLE   45,042 0 0
NXP SEMICONDUCTORS N V COM N6596X109 7,705 70,400 SH   SOLE   70,400 0 0
PRUDENTIAL FINL INC COM 744320102 21,628 200,000 SH   SOLE   200,000 0 0
QUALCOMM INC COM 747525103 19,461 352,430 SH   SOLE   352,430 0 0
QUALITY CARE PPTYS INC COM 747545101 5,965 325,753 SH   SOLE   325,753 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 2,054 119,347 SH   SOLE   119,347 0 0
SOLARCITY CORP NOTE 1.625%11/0 83416TAC4 925 980,000 PRN   SOLE   980,000 0 0
STEALTHGAS INC SHS Y81669106 7,850 2,415,287 SH   SOLE   2,415,287 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 343 18,462 SH   SOLE   18,462 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 3,801 150,000 SH   SOLE   150,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 11,121 575,000 SH   SOLE   575,000 0 0
ULTRA PETROLEUM CORP COM NEW 903914208 2,573 237,139 SH   SOLE   237,139 0 0
UNITED CONTL HLDGS INC COM 910047109 22,575 300,000 SH   SOLE   300,000 0 0
VEREIT INC COM 92339V100 75,716 9,301,777 SH   SOLE   9,301,777 0 0
VERSO CORP CL A 92531L207 5,628 1,200,098 SH   SOLE   1,200,098 0 0
VISTA OUTDOOR INC COM 928377100 9,038 401,523 SH   SOLE   401,523 0 0
WMIH CORP COM 92936P100 292 233,649 SH   SOLE   233,649 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 952 132,423 SH   SOLE   132,423 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 19,280 880,385 SH   SOLE   880,385 0 0