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

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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
ALLY FINL INC COM 02005N100 151,635 5,732,877 SH   SOLE 5,732,877 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 57,756 1,397,427 SH   SOLE 1,397,427 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 938 150,000 SH   SOLE 150,000 0 0
BANCO MACRO SA SPON ADR B 05961W105 795 19,210 SH   SOLE 19,210 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 70,501 1,452,731 SH   SOLE 1,452,731 0 0
CM FIN INC COM 12574Q103 32,836 3,818,186 SH   SOLE 3,818,186 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 156,401 2,704,489 SH   SOLE 2,704,489 0 0
DISH NETWORK CORP NOTE 3.375% 8/1 25470MAB5 15,165 15,900,000 PRN   SOLE 15,900,000 0 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 333 43,400 SH   SOLE 43,400 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 21,780 3,704,019 SH   SOLE 3,704,019 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 80,152 4,003,576 SH   SOLE 4,003,576 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 38,320 1,360,781 SH   SOLE 1,360,781 0 0
MBIA INC COM 55262C100 454 42,500 SH   SOLE 42,500 0 0
NUTANIX INC CL A 67059N108 427 10,000 SH   SOLE 10,000 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 1,020 323,705 SH   SOLE 323,705 0 0
RITE AID CORP COM 767754104 896 700,000 SH   SOLE 700,000 0 0
SEARS HLDGS CORP COM 812350106 767 792,200 SH   SOLE 792,200 0 0
SPDR SERIES TRUST S&P HOMEBUILD 78464A888 961 25,000 SH   SOLE 25,000 0 0
SPHERE 3D CORP NEW COM NEW 84841L209 844 2,164,940 SH   SOLE 2,164,940 0 0
THOR INDS INC COM 885160101 875 10,453 SH   SOLE 10,453 0 0
UNITED CONTL HLDGS INC COM 910047109 274,111 3,077,819 SH   SOLE 3,077,819 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 926 50,000 SH   SOLE 50,000 0 0
WINNEBAGO INDS INC COM 974637100 573 17,300 SH   SOLE 17,300 0 0