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
ALLY FINL INC COM 02005N100 3,056 100,000 SH   SOLE   100,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 11,988 1,114,132 SH   SOLE   1,114,132 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 193 29,221 SH   SOLE   29,221 0 0
AVAYA HLDGS CORP COM 05351X101 1,302 96,415 SH   SOLE   96,415 0 0
BAUSCH HEALTH COS INC COM 071734107 47,872 1,600,000 SH   SOLE   1,600,000 0 0
BRIGHTHOUSE FINL INC COM 10922N103 1,918 48,900 SH   SOLE   48,900 0 0
BRISTOL MYERS SQUIBB CO RIGHT 99/99/9999 110122157 1,505 500,000 SH   SOLE   500,000 0 0
CAESARS ENTMT CORP COM 127686103 21,760 1,600,000 SH   SOLE   1,600,000 0 0
CENTENE CORP DEL COM 15135B101 9,430 150,000 SH   SOLE   150,000 0 0
CITIGROUP INC COM NEW 172967424 61,515 770,000 SH   SOLE   770,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 918 321,006 SH   SOLE   321,006 0 0
CONTURA ENERGY INC COM 21241B100 281 31,042 SH   SOLE   31,042 0 0
CURO GROUP HLDGS CORP COM 23131L107 2,436 200,000 SH   SOLE   200,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,848 100,000 SH   SOLE   100,000 0 0
EQT CORP COM 26884L109 4,531 415,684 SH   SOLE   415,684 0 0
EQUITRANS MIDSTREAM CORPORAT COM 294600101 14,061 1,052,453 SH   SOLE   1,052,453 0 0
ERA GROUP INC COM 26885G109 185 18,206 SH   SOLE   18,206 0 0
FOX CORP CL A COM 35137L105 3,188 85,998 SH   SOLE   85,998 0 0
GENERAL MTRS CO COM 37045V100 12,817 350,200 SH   SOLE   350,200 0 0
HERC HLDGS INC COM 42704L104 17,636 360,352 SH   SOLE   360,352 0 0
HILTON GRAND VACATIONS INC COM 43283X105 4,512 131,214 SH   SOLE   131,214 0 0
IHEARTMEDIA INC COM CL A 45174J509 261 15,451 SH   SOLE   15,451 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 9,616 1,229,686 SH   SOLE   1,229,686 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 6,763 2,432,814 SH   SOLE   2,432,814 0 0
MERCER INTL INC COM 588056101 25,470 2,070,724 SH   SOLE   2,070,724 0 0
MICRON TECHNOLOGY INC COM 595112103 5,378 100,000 SH   SOLE   100,000 0 0
MYLAN N V SHS EURO N59465109 2,010 100,000 SH   SOLE   100,000 0 0
NRG ENERGY INC COM NEW 629377508 1,790 45,042 SH   SOLE   45,042 0 0
OI S A SPONSORED ADR NE 670851500 3,845 4,127,413 SH   SOLE   4,127,413 0 0
PEABODY ENERGY CORP NEW COM 704551100 1,550 170,000 SH   SOLE   170,000 0 0
PENNEY J C CORP INC COM 708160106 1,680 1,500,000 SH   SOLE   1,500,000 0 0
PG&E CORP COM 69331C108 140,046 12,883,752 SH   SOLE   12,883,752 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 13,764 1,638,610 SH   SOLE   1,638,610 0 0
PRUDENTIAL FINL INC COM 744320102 18,748 200,000 SH   SOLE   200,000 0 0
QUORUM HEALTH CORP COM 74909E106 18 18,655 SH   SOLE   18,655 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 506 119,347 SH   SOLE   119,347 0 0
STEALTHGAS INC SHS Y81669106 8,284 2,415,287 SH   SOLE   2,415,287 0 0
STUDIO CITY INTL HLDGS LTD SPON ADS 86389T106 24,086 1,219,536 SH   SOLE   1,219,536 0 0
T MOBILE US INC COM 872590104 1,890 24,102 SH   SOLE   24,102 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 16,336 827,955 SH   SOLE   827,955 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 15,841 1,395,692 SH   SOLE   1,395,692 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 62,038 1,631,301 SH   SOLE   1,631,301 0 0
TPI COMPOSITES INC COM 87266J104 19,091 1,031,379 SH   SOLE   1,031,379 0 0
UNITED NAT FOODS INC COM 911163103 3,244 370,364 SH   SOLE   370,364 0 0
VEREIT INC COM 92339V100 76,614 8,291,582 SH   SOLE   8,291,582 0 0
VERSO CORP CL A 92531L207 11,510 638,356 SH   SOLE   638,356 0 0
VIACOMCBS INC CL B 92556H206 16,125 384,200 SH   SOLE   384,200 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 10,195 880,385 SH   SOLE   880,385 0 0
ZAYO GROUP HLDGS INC COM 98919V105 5,198 150,000 SH   SOLE   150,000 0 0