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 6,719 80,000 SH   SOLE   80,000 0 0
ALERE INC COM 01449J105 1,530 30,000 SH   SOLE   30,000 0 0
ALLY FINL INC COM 02005N100 2,426 100,000 SH   SOLE   100,000 0 0
ALTABA INC COM 021346101 378,491 5,713,943 SH   SOLE   5,713,943 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 2,375 50,000 SH   SOLE   50,000 0 0
BANK AMER CORP COM 060505104 27,555 1,087,400 SH   SOLE   1,087,400 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 1,417 78,770 SH   SOLE   78,770 0 0
CIGNA CORPORATION COM 125509109 7,478 40,000 SH   SOLE   40,000 0 0
CIT GROUP INC COM NEW 125581801 19,443 396,400 SH   SOLE   396,400 0 0
CITIGROUP INC COM NEW 172967424 56,010 770,000 SH   SOLE   770,000 0 0
CONCORDIA INTERNATIONAL CORP COM 20653P102 35 30,000 SH   SOLE   30,000 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 11,402 147,683 SH   SOLE   147,683 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 48,220 1,000,000 SH   SOLE   1,000,000 0 0
ERA GROUP INC COM 26885G109 112 10,000 SH   SOLE   10,000 0 0
FIRSTENERGY CORP COM 337932107 22,352 725,000 SH   SOLE   725,000 0 0
FORTERRA INC COM 34960W106 6,975 1,550,000 SH   SOLE   1,550,000 0 0
GENERAL MTRS CO COM 37045V100 21,740 538,392 SH   SOLE   538,392 0 0
HERC HLDGS INC COM 42704L104 5,322 108,333 SH   SOLE   108,333 0 0
JPMORGAN CHASE & CO COM 46625H100 38,204 400,000 SH   SOLE   400,000 0 0
KRATON CORPORATION COM 50077C106 2,219 54,878 SH   SOLE   54,878 0 0
MAGNA INTL INC COM 559222401 16,361 306,500 SH   SOLE   306,500 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 9,394 853,970 SH   SOLE   853,970 0 0
MERCER INTL INC COM 588056101 24,623 2,077,910 SH   SOLE   2,077,910 0 0
MICRON TECHNOLOGY INC COM 595112103 9,833 250,000 SH   SOLE   250,000 0 0
MYLAN N V SHS EURO N59465109 3,608 115,000 SH   SOLE   115,000 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 15,575 250,000 SH   SOLE   250,000 0 0
NORTEL INVERSORA S A SPON ADR PFD B 656567401 17,255 442,435 SH   SOLE   442,435 0 0
NRG ENERGY INC COM NEW 629377508 1,153 45,042 SH   SOLE   45,042 0 0
NXP SEMICONDUCTORS N V COM N6596X109 7,962 70,400 SH   SOLE   70,400 0 0
PRUDENTIAL FINL INC COM 744320102 21,264 200,000 SH   SOLE   200,000 0 0
QUALCOMM INC COM 747525103 20,344 392,430 SH   SOLE   392,430 0 0
QUALITY CARE PPTYS INC COM 747545101 5,049 325,753 SH   SOLE   325,753 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 2,398 119,347 SH   SOLE   119,347 0 0
SOLARCITY CORP NOTE 1.625%11/0 83416TAC4 926 980,000 PRN   SOLE   980,000 0 0
STEALTHGAS INC SHS Y81669106 7,995 2,415,287 SH   SOLE   2,415,287 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 338 18,462 SH   SOLE   18,462 0 0
SURGERY PARTNERS INC COM 86881A100 1,161 112,138 SH   SOLE   112,138 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 4,626 150,000 SH   SOLE   150,000 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 15,198 925,000 SH   SOLE   925,000 0 0
ULTRA PETROLEUM CORP COM NEW 903914208 2,056 237,139 SH   SOLE   237,139 0 0
UNITED CONTL HLDGS INC COM 910047109 18,264 300,000 SH   SOLE   300,000 0 0
VEREIT INC COM 92339V100 77,112 9,301,777 SH   SOLE   9,301,777 0 0
VERSO CORP CL A 92531L207 6,108 1,200,098 SH   SOLE   1,200,098 0 0
VISTA OUTDOOR INC COM 928377100 9,211 401,523 SH   SOLE   401,523 0 0
WMIH CORP COM 92936P100 222 233,649 SH   SOLE   233,649 0 0
XERIUM TECHNOLOGIES INC COM NEW 98416J118 633 132,423 SH   SOLE   132,423 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 19,615 880,385 SH   SOLE   880,385 0 0