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 165,258 5,667,270 SH   SOLE 5,667,270 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 78,045 1,500,000 SH   SOLE 1,500,000 0 0
ARCHROCK PARTNERS L P COM UNITS REPSTG 03957U100 6,001 503,821 SH   SOLE 503,821 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 29,055 1,494,639 SH   SOLE 1,494,639 0 0
CM FIN INC COM 12574Q103 31,118 3,818,186 SH   SOLE 3,818,186 0 0
COMMUNITY HEALTH SYS INC NEW COM 203668108 12,338 2,896,242 SH   SOLE 2,896,242 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 153,745 2,745,454 SH   SOLE 2,745,454 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 11,147 3,584,219 SH   SOLE 3,584,219 0 0
INTELSAT S A COM L5140P101 559 164,831 SH   SOLE 164,831 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 73,906 4,003,576 SH   SOLE 4,003,576 0 0
OVERSEAS SHIPHOLDING GROUP I CL A NEW 69036R863 887 323,705 SH   SOLE 323,705 0 0
PG&E CORP COM 69331C108 2,242 50,000 SH   SOLE 50,000 0 0
QUALITY CARE PPTYS INC COM 747545101 3,826 277,061 SH   SOLE 277,061 0 0
SEARS HLDGS CORP COM 812350106 2,764 772,150 SH   SOLE 772,150 0 0
SPHERE 3D CORP NEW COM NEW 84841L209 2,361 959,843 SH   SOLE 959,843 0 0
TERRAFORM PWR INC COM CL A 88104R209 34,883 2,916,608 SH   SOLE 2,916,608 0 0
TIME WARNER INC COM NEW 887317303 150,377 1,644,000 SH   SOLE 1,644,000 0 0
UNITED CONTL HLDGS INC COM 910047109 211,206 3,133,622 SH   SOLE 3,133,622 0 0