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 397 39,906 SH   SOLE 39,906 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 17,014 969,645 SH   SOLE 969,645 0 0
BAUSCH HEALTH COS INC COM 071734107 214,358 7,164,376 SH   SOLE 7,164,376 0 0
BAUSCH HEALTH COS INC CALL 071734907 12,757 510,300 SH Call SOLE 510,300 0 0
DISCOVERY INC COM SER A 25470F104 46,331 1,415,134 SH   SOLE 1,415,134 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A143 63,371 13,779,832 SH   SOLE 13,779,832 0 0
ENTERCOM COMMUNICATIONS CORP CL A 293639100 1,963 423,109 SH   SOLE 423,109 0 0
GARRETT MOTION INC COM 366505105 11,986 1,199,768 SH   SOLE 1,199,768 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 20,747 90,230 SH   SOLE 90,230 0 0
HUNTSMAN CORP COM 447011107 15,254 631,377 SH   SOLE 631,377 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 6,730 150,000 SH   SOLE 150,000 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 11,271 560,450 SH   SOLE 560,450 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 33,819 288,439 SH   SOLE 288,439 0 0
OI S A SPONSORED ADR NE 670851500 26,342 28,057,918 SH   SOLE 28,057,918 0 0
PACIFIC DRILLING SA LUXEMBOU COM L7257P205 655 160,489 SH   SOLE 160,489 0 0
PG&E CORP COM 69331C108 60,331 5,550,187 SH   SOLE 5,550,187 0 0
SLM CORP COM 78442P106 26,235 2,944,464 SH   SOLE 2,944,464 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 37,730 1,974,339 SH   SOLE 1,974,339 0 0
VISTRA ENERGY CORP COM 92840M102 45,668 1,986,448 SH   SOLE 1,986,448 0 0
WARRIOR MET COAL INC COM 93627C101 17,605 833,160 SH   SOLE 833,160 0 0