UNITED STATES
                        SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549

                                   Form 13F

                                FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: December 31, 2008

Check here if Amendment [ ]; Amendment Number:_______
This Amendment (Check only one.):   [ ] is a restatement.
                                    [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:          Aurelius Capital Management, LP
               --------------------------------------
Address:       535 Madison Avenue
               --------------------------------------
               22ND Floor
               --------------------------------------
               New York, NY 10022

Form 13F File Number: 28-12104

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:          William D. Corcoran, Jr.
               ---------------------------------------
Title:         Chief Financial Officer
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Phone          (646) 445-6575
               ---------------------------------------

Signature, Place, and Date of Signing:

      /s/ William D. Corcoran Jr.            New York, New York         2/17/09
      ---------------------------         ------------------------      ------
            [Signature]                      [City, State]              [Date]

Report Type (Check only one.):

[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)

[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
    holdings are reported by other reporting manager(s).)

[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
    reporting manager are reported in this report and a portion are reported by
    other reporting manager(s).)






                              FORM 13F SUMMARY PAGE


Report Summary:

List of Other Included Managers:                0
                                          -------------

Form 13F Information Table Entry Total:         4
                                          -------------

Form 13F Information Table Value Total:         44,930
                                          -------------
                                           (thousands)


List of Other Included Managers: NONE


Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.







                                                             FORM13F INFORMATION TABLE


                                                                                                   

       COLUMN 1           COLUMN 2        COLUMN3    COLUMN 4          COLUMN 5          COLUMN 6   COLUMN 7            COLUMN 8
                                                                                                                        VOTING
                                                                   SHRS OR PRN    SH/  PUT/   INVESTMENT OTHER        AUTHORITY
NAME OF ISSUER         TITLE OF CLASS      CUSIP     VALUE(x$1000) AMT            PRN  CALL   DISCRETION MANAGERS   SOLE SHARED NONE
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
CALPINE CORP           COM NEW         131347304          749             102,892 SH          SOLE                    102,892
GENERAL ELECTRIC CO    COM             369604103        7,047             435,000 SH   CALL   SOLE                    435,000
SPDR GOLD TRUST        GOLD SHS        78463V107       33,301             384,900 SH          SOLE                    384,900
YELLOW ROADWAY CORP    NOTE 5.000% 8/0 985577AA3        3,833          11,500,000 PRN         SOLE                 11,500,000