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
ADIENT PLC ORD SHS G0084W101 3,110 342,901 SH   SOLE   342,901 0 0
ALLY FINL INC COM 02005N100 1,443 100,000 SH   SOLE   100,000 0 0
AMERICAN AXLE & MFG HLDGS IN COM 024061103 4,022 1,114,132 SH   SOLE   1,114,132 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103 17 29,221 SH   SOLE   29,221 0 0
AVAYA HLDGS CORP COM 05351X101 780 96,415 SH   SOLE   96,415 0 0
BAUSCH HEALTH COS INC COM 071734107 47,247 3,048,163 SH   SOLE   3,048,163 0 0
BRISTOL-MYERS SQUIBB CO RIGHT 99/99/9999 110122157 1,900 500,000 SH   SOLE   500,000 0 0
CAESARS ENTMT CORP COM 127686103 10,816 1,600,000 SH   SOLE   1,600,000 0 0
CENTENE CORP DEL COM 15135B101 8,912 150,000 SH   SOLE   150,000 0 0
CIGNA CORP NEW COM 125523100 4,430 25,000 SH   SOLE   25,000 0 0
CITIGROUP INC COM NEW 172967424 12,636 300,000 SH   SOLE   300,000 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 205 321,006 SH   SOLE   321,006 0 0
CONTURA ENERGY INC COM 21241B100 73 31,042 SH   SOLE   31,042 0 0
CURO GROUP HLDGS CORP COM 23131L107 1,060 200,000 SH   SOLE   200,000 0 0
EDISON INTL COM 281020107 4,109 75,000 SH   SOLE   75,000 0 0
EQT CORPORATION COM 26884L109 2,939 415,684 SH   SOLE   415,684 0 0
EQUITRANS MIDSTREAM CORP COM 294600101 20,132 4,002,453 SH   SOLE   4,002,453 0 0
ERA GROUP INC COM 26885G109 97 18,206 SH   SOLE   18,206 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 12,138 438,036 SH   SOLE   438,036 0 0
GENERAL MTRS CO COM 37045V100 4,156 200,000 SH   SOLE   200,000 0 0
HALLIBURTON CO COM 406216101 84 12,200 SH   SOLE   12,200 0 0
HCA HEALTHCARE INC COM 40412C101 8,985 100,000 SH   SOLE   100,000 0 0
HERC HLDGS INC COM 42704L104 9,480 463,352 SH   SOLE   463,352 0 0
HILTON GRAND VACATIONS INC COM 43283X105 6,012 381,214 SH   SOLE   381,214 0 0
IHEARTMEDIA INC COM CL A 45174J509 113 15,451 SH   SOLE   15,451 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 16,474 4,640,434 SH   SOLE   4,640,434 0 0
MACERICH CO COM 554382101 3,097 550,000 SH   SOLE   550,000 0 0
MDC PARTNERS INC CL A SUB VTG 552697104 3,455 2,382,814 SH   SOLE   2,382,814 0 0
MERCER INTL INC COM 588056101 14,992 2,070,724 SH   SOLE   2,070,724 0 0
METLIFE INC COM 59156R108 8,407 275,000 SH   SOLE   275,000 0 0
MICRON TECHNOLOGY INC COM 595112103 4,206 100,000 SH   SOLE   100,000 0 0
MYLAN NV SHS EURO N59465109 1,491 100,000 SH   SOLE   100,000 0 0
NRG ENERGY INC COM NEW 629377508 1,228 45,042 SH   SOLE   45,042 0 0
PENNEY J C CORP INC COM 708160106 540 1,500,000 SH   SOLE   1,500,000 0 0
PG&E CORP COM 69331C108 96,063 10,685,548 SH   SOLE   10,685,548 0 0
PLAYA HOTELS & RESORTS NV SHS N70544106 7,601 4,343,629 SH   SOLE   4,343,629 0 0
SANDRIDGE ENERGY INC COM NEW 80007P869 107 119,347 SH   SOLE   119,347 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 4,156 75,000 SH   SOLE   75,000 0 0
STEALTHGAS INC SHS Y81669106 4,758 2,415,287 SH   SOLE   2,415,287 0 0
STUDIO CITY INTL HLDGS LTD SPON ADS 86389T106 24,635 1,219,536 SH   SOLE   1,219,536 0 0
TAKEDA PHARMACEUTICAL CO LTD SPONSORED ADS 874060205 12,568 827,955 SH   SOLE   827,955 0 0
TAUBMAN CTRS INC COM 876664103 6,491 155,000 SH   SOLE   155,000 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 13,665 1,482,084 SH   SOLE   1,482,084 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 21,586 1,499,054 SH   SOLE   1,499,054 0 0
TPI COMPOSITES INC COM 87266J104 14,505 981,379 SH   SOLE   981,379 0 0
UNITED NAT FOODS INC COM 911163103 4,090 445,485 SH   SOLE   445,485 0 0
UNITEDHEALTH GROUP INC COM 91324P102 4,489 18,000 SH   SOLE   18,000 0 0
VEREIT INC COM 92339V100 43,847 8,966,582 SH   SOLE   8,966,582 0 0
VERSO CORP CL A 92531L207 6,705 594,433 SH   SOLE   594,433 0 0
VIACOMCBS INC CL B 92556H206 5,383 384,200 SH   SOLE   384,200 0 0
VICI PPTYS INC COM 925652109 33,188 1,994,465 SH   SOLE   1,994,465 0 0
WILLIAMS COS INC COM 969457100 20,871 1,475,000 SH   SOLE   1,475,000 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 3,671 880,385 SH   SOLE   880,385 0 0