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 305 39,906 SH   SOLE 39,906 0 0
ASSURED GUARANTY LTD COM G0585R106 20,651 539,482 SH   SOLE 539,482 0 0
BAUSCH HEALTH COS INC COM 071734107 77,061 4,172,217 SH   SOLE 4,172,217 0 0
BAUSCH HEALTH COS INC CALL 071734907 23,625 1,050,000 SH Call SOLE 1,050,000 0 0
CAESARS ENTMT CORP COM 127686103 51,498 7,584,413 SH   SOLE 7,584,413 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 57,806 12,542,566 SH   SOLE 12,542,566 0 0
EXTRACTION OIL AND GAS INC COM 30227M105 4,444 1,040,858 SH   SOLE 1,040,858 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 22,773 862,600 SH   SOLE 862,600 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 14,845 88,855 SH   SOLE 88,855 0 0
HUNTSMAN CORP COM 447011107 28,081 1,455,746 SH   SOLE 1,455,746 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 28,296 1,934,106 SH   SOLE 1,934,106 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 25,764 1,768,314 SH   SOLE 1,768,314 0 0
MGIC INVT CORP WIS COM 552848103 10,439 998,037 SH   SOLE 998,037 0 0
MICHAELS COS INC COM 59408Q106 26,754 1,975,931 SH   SOLE 1,975,931 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 5,137 134,131 SH   SOLE 134,131 0 0
NEXEO SOLUTIONS INC COM SHS 65342H102 2,732 318,000 SH   SOLE 318,000 0 0
NVR INC COM 62944T105 5,179 2,125 SH   SOLE 2,125 0 0
OI S A SPONSORED ADR NE 670851500 70,487 43,713,880 SH   SOLE 43,713,880 0 0
PACIFIC DRILLING SA LUXEMBOU COM L7257P205 7,895 591,405 SH   SOLE 591,405 0 0
QURATE RETAIL INC COM SER A 74915M100 26,068 1,335,461 SH   SOLE 1,335,461 0 0
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 810 73,546 SH   SOLE 73,546 0 0
TEVA PHARMACEUTICAL INDS LTD SPONSORED ADR 881624209 28,552 1,851,635 SH   SOLE 1,851,635 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 33,351 2,174,095 SH   SOLE 2,174,095 0 0
UNIVAR INC COM 91336L107 4,734 266,845 SH   SOLE 266,845 0 0
VISTRA ENERGY CORP COM 92840M102 49,589 2,166,386 SH   SOLE 2,166,386 0 0
XEROX CORP COM NEW 984121608 7,157 362,200 SH   SOLE 362,200 0 0