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
DHT HOLDINGS INC. SHS NEW Y2065G121 425 73,813 SH   DFND 1,2 73,813 0 0
DYNEGY INC NEW DEL COM 26817R108 59,103 4,112,913 SH   DFND 1,2 4,112,913 0 0
DYNEGY INC NEW DEL COM 26817R108 28,243 1,965,405 SH   DFND 1,2,6,7,8 1,965,405 0 0
EURONAV NV ANTWERPEN SHS B38564108 26,562 2,593,936 SH   DFND 1,2,6,7,8 2,593,936 0 0
GENER8 MARITIME INC COM Y26889108 16,962 2,402,489 SH   DFND   2,402,489 0 0
GENER8 MARITIME INC COM Y26889108 8,717 1,234,767 SH   DFND 1,2 1,234,767 0 0
GENER8 MARITIME INC COM Y26889108 5,316 752,983 SH   DFND 1,2,3,4,5 752,983 0 0
GENER8 MARITIME INC COM Y26889108 19,927 2,822,575 SH   DFND 1,2,6,7,8 2,822,575 0 0
GENERAL MOTORS CO. COM 37045V100 18,604 591,927 SH   DFND 1,2,6,7,8 591,927 0 0
GENERAL MOTORS CO. *W EXP 07/10/201 37045V118 7,014 323,982 SH   DFND 1,2,6,7,8 323,982 0 0
GENERAL MOTORS CO. *W EXP 07/10/201 37045V126 15,846 1,160,056 SH   DFND 1,2,6,7,8 1,160,056 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 5,170 259,300 SH   DFND 1,2 259,300 0 0
HOUGHTON MIFFLIN HARCOURT CO COM 44157R109 57,778 2,897,593 SH   DFND 1,2,6,7,8 2,897,593 0 0
ISHARES TR IBOXX HI YD ETF 464288513 4,983 61,000 SH   DFND 1,2,9 61,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 312 200,000 SH   DFND 1,2 200,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 6,756 4,330,895 SH   DFND 1,2,6,7,8 4,330,895 0 0
MAGNACHIP SEMICONDUCTOR COM 55933J203 15,946 2,931,207 SH   DFND 1,2 2,931,207 0 0
MAGNACHIP SEMICONDUCTOR COM 55933J203 6,298 1,157,771 SH   DFND 1,2,3,4,5 1,157,771 0 0
MERITOR, INC COM 59001K100 39,109 4,852,175 SH   DFND 1,2,6,7,8 4,852,175 0 0
MGIC INVT CORP WIS NOTE 2.000% 4/0 552848AE3 5,667 4,500,000 SH   DFND 1,2,9 4,500,000 0 0
MGIC INVT CORP WIS COM 552848103 1,132 147,613 SH   DFND 1,2 147,613 0 0
MGIC INVT CORP WIS COM 552848103 22,591 2,945,349 SH   DFND 1,2,6,7,8 2,945,349 0 0
SCORPIO BULKERS INC. COM Y7546A122 1,686 514,051 SH   DFND 1,2,6,7,8 514,051 0 0
SCORPIO TANKERS INC. SHS Y7542C106 17,601 3,019,053 SH   DFND 1,2,6,7,8 3,019,053 0 0
SPDR SERIES TRUST BRC HGH YLD BD 78464A417 4,966 145,000 SH   DFND 1,2,9 145,000 0 0
TRONOX LIMITED SHS CL A Q9235V101 11,451 1,792,091 SH   DFND 1,2,6,7,8 1,792,091 0 0
YRC WORLDWIDE INC. COM PAR $.01 984249607 12,462 1,337,155 SH   DFND 1,2 1,337,155 0 0
YRC WORLDWIDE INC. COM PAR $.01 984249607 32,234 3,458,612 SH   DFND 1,2,6,7,8 3,458,612 0 0