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
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 318 39,906 SH   SOLE 39,906 0 0
ASSURED GUARANTY LTD COM G0585R106 13,414 318,765 SH   SOLE 318,765 0 0
BAUSCH HEALTH COS INC COM 071734107 197,286 7,822,591 SH   SOLE 7,822,591 0 0
BAUSCH HEALTH COS INC CALL 071734907 37,918 1,458,400 SH Call SOLE 1,458,400 0 0
CBS CORP NEW CL B 124857202 22,586 452,622 SH   SOLE 452,622 0 0
DISCOVERY INC COM SER A 25470F104 36,919 1,202,575 SH   SOLE 1,202,575 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 73,263 14,092,566 SH   SOLE 14,092,566 0 0
ENTERCOM COMMUNICATIONS CORP CL A 293639100 11,974 2,064,410 SH   SOLE 2,064,410 0 0
G-III APPAREL GROUP LTD COM 36237H101 15,548 528,474 SH   SOLE 528,474 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 25,635 125,367 SH   SOLE 125,367 0 0
HUNTSMAN CORP COM 447011107 38,027 1,858,591 SH   SOLE 1,858,591 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 23,157 1,348,675 SH   SOLE 1,348,675 0 0
MACYS INC COM 55616P104 17,373 809,183 SH   SOLE 809,183 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 19,874 560,450 SH   SOLE 560,450 0 0
OI S A SPONSORED ADR NE 670851500 221,568 110,007,662 SH   SOLE 110,007,662 0 0
PACIFIC DRILLING SA LUXEMBOU COM L7257P205 3,052 240,680 SH   SOLE 240,680 0 0
PARSLEY ENERGY INC CL A 701877102 15,894 836,091 SH   SOLE 836,091 0 0
QURATE RETAIL INC COM SER A 74915M100 11,166 902,660 SH   SOLE 902,660 0 0
SPIRIT RLTY CAP INC NEW COM NEW 84860W300 23,267 545,925 SH   SOLE 545,925 0 0
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 1,073 76,331 SH   SOLE 76,331 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 18,657 1,246,271 SH   SOLE 1,246,271 0 0
VISTRA ENERGY CORP COM 92840M102 56,703 2,504,557 SH   SOLE 2,504,557 0 0