UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

o

Rule 13d-1(b)

x

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Value Investment Master Fund, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Cayman Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
424,780 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
424,780 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
424,780 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.8%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Value Advisors, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
424,780 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
424,780 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
424,780 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.8%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Value Capital Management, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
424,780 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
424,780 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
424,780 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.8%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Value Management, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
424,780 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
424,780 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
424,780 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.8%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Value Management GP, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
424,780 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
424,780 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
424,780 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.8%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo Special Opportunities Managed Account, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
1,676,856 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
1,676,856 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,676,856 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
3.3%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo SOMA Advisors, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
1,676,856 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
1,676,856 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,676,856 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
3.3%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo SOMA Capital Management, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
1,676,856 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
1,676,856 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,676,856 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
3.3%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).

Apollo SVF Management, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
1,676,856 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
1,676,856 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,676,856 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
3.3%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo SVF Management GP, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
1,676,856 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
1,676,856 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
1,676,856 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
3.3%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Credit Strategies Master Fund Ltd.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Cayman Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
723,312 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
723,312 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
723,312 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
1.4%

12

Type of Reporting Person (See Instructions)
CO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo ST Fund Management LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
723,312 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
723,312 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
723,312 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
1.4%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo ST Operating LP

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
723,312 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
723,312 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
723,312 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
1.4%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo ST Capital LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
723,312 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
723,312 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
723,312 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
1.4%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
ST Management Holdings LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
723,312 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
723,312 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
723,312 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
1.4%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Capital Spectrum Fund, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Cayman Islands

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
227,697 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
227,697 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
227,697 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.4%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Capital Spectrum Advisors, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
227,697 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
227,697 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
227,697 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.4%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Capital Spectrum Management, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
227,697 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
227,697 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
227,697 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
0.4%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Capital Management, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
3,052,645 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
3,052,645 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
3,052,645 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11

Percent of Class Represented by Amount in Row (9)
6.0%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Capital Management GP, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
3,052,645 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
3,052,645 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
3,052,645 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11

Percent of Class Represented by Amount in Row (9)
6.0%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Principal Holdings II, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
2,329,333 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
2,329,333 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
2,329,333 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
4.5%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Principal Holdings II GP, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
2,329,333 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
2,329,333 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
2,329,333 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  x

11

Percent of Class Represented by Amount in Row (9)
4.5%

12

Type of Reporting Person (See Instructions)
OO

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Management Holdings, L.P.

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
3,052,645 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
3,052,645 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
3,052,645 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11

Percent of Class Represented by Amount in Row (9)
6.0%

12

Type of Reporting Person (See Instructions)
PN

CUSIP No.  Y0553W103

1

Name of Reporting Persons.
I.R.S. Identification Nos. of Above Persons (Entities Only).
Apollo Management Holdings GP, LLC

2

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

x

3

SEC Use Only

4

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With:

5

Sole Voting Power

6

Shared Voting Power
3,052,645 shares of common stock

7

Sole Dispositive Power

8

Shared Dispositive Power
3,052,645 shares of common stock

9

Aggregate Amount Beneficially Owned by Each Reporting Person
3,052,645 shares of common stock

10

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11

Percent of Class Represented by Amount in Row (9)
6.0%

12

Type of Reporting Person (See Instructions)
OO

Item 1.

(a)

Name of Issuer
Baltic Trading Limited

(b)

Address of Issuer’s Principal Executive Offices
299 Park Avenue, 12th Floor
New York, New York 10171

Item 2.

(a)

Name of Person Filing
This statement is filed by (i) Apollo Value Investment Master Fund, L.P. (“Value Master Fund”), (ii) Apollo Value Advisors, L.P. (“Value Advisors”), (iii) Apollo Value Capital Management, LLC (“Value Capital Management”), (iv) Apollo Value Management, L.P. (“Value Management”), (v) Apollo Value Management GP, LLC (“Value Management GP”), (vi) Apollo Special Opportunities Managed Account, L.P. (“SOMA Fund”), (vii) Apollo SOMA Advisors, L.P. (“SOMA Advisors”), (viii) Apollo SOMA Capital Management, LLC (“SOMA Capital Management”), (ix) Apollo SVF Management, L.P. (“SVF Management”), (x) Apollo SVF Management GP, LLC (“SVF Management GP”), (xi) Apollo Credit Strategies Master Fund Ltd. (“Credit Strategies”), (xii) Apollo ST Fund Management LLC (“ST Management”), (xiii) Apollo ST Operating LP (“ST Operating”), (xiv) Apollo ST Capital LLC (“ST Capital”), (xv) ST Management Holdings LLC (“ST Management Holdings”), (xvi) Apollo Capital Spectrum Fund, L.P. (“Capital Spectrum”), (xvii) Apollo Capital Spectrum Advisors, LLC (“Capital Spectrum Advisors”), (xviii) Apollo Capital Spectrum Management, LLC (“Capital Spectrum Management”), (xix) Apollo Capital Management, L.P. (“Capital Management”), (xx) Apollo Capital Management GP, LLC (“Capital Management GP”), (xxi) Apollo Principal Holdings II, L.P. (“Principal II”), (xxii) Apollo Principal Holdings II GP, LLC (“Principal II GP”), (xxiii) Apollo Management Holdings, L.P. (“Management Holdings”), and (xxiv) Apollo Management Holdings GP, LLC (“Management Holdings GP”).

Value Master Fund, SOMA Fund, Credit Strategies and Capital Spectrum each hold shares of the Issuer’s common stock.  Value Advisors serves as the managing general partner of Value Master Fund, and Value Capital Management serves as the general partner of Value Advisors.  Value Management serves as the manager of Value Master Fund, and Value Management GP serves as the general partner of Value Management.  SVF Management serves as the manager of SOMA Fund, and SVF Management GP serves as the general partner of SVF Management.  SOMA Advisors serves as the general partner of SOMA Fund.  SOMA Capital Management serves as the general partner of SOMA Advisors.  ST Management serves as the investment manager for Credit Strategies.  ST Operating is the sole member of ST Management.  The general partner of ST Operating is ST Capital.  ST Management Holdings is the sole member of ST Capital.  Capital Spectrum Advisors serves as the general partner of Capital Spectrum, and Capital Spectrum Management serves as the investment manager for Capital Spectrum.  Capital Management serves as the sole member and manager of Value Management GP, SVF Management GP, ST Management Holdings and Capital Spectrum Management.  Capital Management GP serves as the general partner of Capital Management.  Management Holdings serves as the sole member and manager of Capital Management GP, and Management

Holdings GP serves as the general partner of Management Holdings.  Principal II serves as the sole member and manager of Value Capital Management, SOMA Capital Management and Capital Spectrum Advisors, and Principal II GP serves as the general partner of Principal II.  Value Master Fund, Value Advisors, Value Capital Management, Value Management, Value Management GP, SOMA Fund, SOMA Advisors, SOMA Capital Management, SVF Management, SVF Management GP, Credit Strategies, ST Management, ST Operating, ST Capital, ST Management Holdings, Capital Spectrum, Capital Spectrum Advisors, Capital Spectrum Management, Capital Management, Capital Management GP, Principal II, Principal II GP, Management Holdings and Management Holdings GP are collectively referred to herein as the “Reporting Persons.”

(b)

Address of Principal Business Office or, if none, Residence
The principal office of Value Master Fund, Credit Strategies and Capital Spectrum is c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1 1104, Cayman Islands.  The principal office of Value Advisors, Value Capital Management, SOMA Fund, SOMA Advisors, SOMA Capital Management, Capital Spectrum Advisors, Principal II and Principal II GP is One Manhattanville Road, Suite 201, Purchase, New York 10577.  The principal office of each of Value Management, Value Management GP, SVF Management, SVF Management GP, ST Management, ST Operating, ST Capital, ST Management Holdings, Capital Spectrum Management, Capital Management, Capital Management GP, Management Holdings and Management Holdings GP is 9 W. 57th Street, 43rd Floor, New York, New York 10019.

(c)

Citizenship
Value Advisors, Value Management, SOMA Fund, SOMA Advisors, SVF Management, ST Operating, Capital Management, Principal II and Management Holdings are each Delaware limited partnerships.  Value Capital Management, Value Management GP, SOMA Capital Management, SVF Management GP, ST Management, ST Capital, ST Management Holdings, Capital Spectrum Advisors, Capital Spectrum Management, Capital Management GP, Principal II GP and Management Holdings GP are each Delaware limited liability companies. Value Master Fund and Capital Spectrum are each exempted limited partnerships registered in the Cayman Islands.  Credit Strategies is an exempted company incorporated in the Cayman Islands with limited liability.

(d)

Title of Class of Securities
Common stock, par value $0.01

(e)

CUSIP Number
Y0553W103

Item 3.

If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

Not applicable.

(a)

Amount beneficially owned:

Value Master Fund:

424,780

Value Advisors:

424,780

Value Capital Management:

424,780

Value Management:

424,780

Value Management GP:

424,780

SOMA Fund

1,676,856

SOMA Advisors

1,676,856

SOMA Capital Management

1,676,856

SVF Management

1,676,856

SVF Management GP

1,676,856

Credit Strategies:

723,312

ST Management:

723,312

ST Operating:

723,312

ST Capital:

723,312

ST Management Holdings:

723,312

Capital Spectrum:

227,697

Capital Spectrum Advisors:

227,697

Capital Spectrum Management:

227,697

Capital Management:

3,052,645

Capital Management GP:

3,052,645

Principal II:

2,329,333

Principal II GP:

2,329,333

Management Holdings:

3,052,645

Management Holdings GP:

3,052,645

The number of shares reported as beneficially owned by the Reporting Persons includes an aggregate of 59,000 shares of common stock acquired on October 3, 2014.

Value Master Fund, SOMA Fund, Credit Strategies and Capital Spectrum each disclaims beneficial ownership of all shares of common stock of the Issuer included in this report other than the shares of common stock held of record by such Reporting Person, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.  Value Advisors, Value Capital Management, Value Management, Value Management GP, SOMA Advisors, SOMA Capital Management, SVF Management, SVF Management GP, ST Management, ST Operating, ST Capital, ST Management Holdings, Capital Spectrum Advisors, Capital Spectrum Management, Capital Management, Capital Management GP, Principal II, Principal II GP, Management Holdings and Management Holdings GP , and Messrs. Leon Black, Joshua Harris and Marc Rowan, the managers of Principal II GP, and the managers, as well as executive officers, of Management Holdings GP, each disclaim beneficial ownership of all shares of common stock of the Issuer included in this report, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

(b)

Percent of class:

Value Master Fund:

0.8

%

Value Advisors:

0.8

%

Value Capital Management:

0.8

%

Value Management:

0.8

%

Value Management GP:

0.8

%

SOMA Fund

3.3

%

SOMA Advisors

3.3

%

SOMA Capital Management

3.3

%

SVF Management

3.3

%

SVF Management GP

3.3

%

Credit Strategies:

1.4

%

ST Management:

1.4

%

ST Operating:

1.4

%

ST Capital:

1.4

%

ST Management Holdings:

1.4

%

Capital Spectrum:

0.4

%

Capital Spectrum Advisors:

0.4

%

Capital Spectrum Management:

0.4

%

Capital Management:

6.0

%

Capital Management GP:

6.0

%

Principal II:

4.5

%

Principal II GP:

4.5

%

Management Holdings:

6.0

%

Management Holdings GP:

6.0

%

The percentage amounts are based on 51,205,241 shares of the Issuer’s common stock outstanding as of August 8, 2014, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2014.

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote:

0 for all Reporting Persons

(ii)

Shared power to vote or to direct the vote:

Value Master Fund:

424,780

Value Advisors:

424,780

Value Capital Management:

424,780

Value Management:

424,780

Value Management GP:

424,780

SOMA Fund

1,676,856

SOMA Advisors

1,676,856

SOMA Capital Management

1,676,856

SVF Management

1,676,856

SVF Management GP

1,676,856

Credit Strategies:

723,312

ST Management:

723,312

ST Operating:

723,312

ST Capital:

723,312

ST Management Holdings:

723,312

Capital Spectrum:

227,697

Capital Spectrum Advisors:

227,697

Capital Spectrum Management:

227,697

Capital Management:

3,052,645

Capital Management GP:

3,052,645

Principal II:

2,329,333

Principal II GP:

2,329,333

Management Holdings:

3,052,645

Management Holdings GP:

3,052,645

(iii)

Sole power to dispose or to direct the disposition of:

0 for all Reporting Persons

(iv)

Shared power to dispose or to direct the disposition of:

Value Master Fund:

424,780

Value Advisors:

424,780

Value Capital Management:

424,780

Value Management:

424,780

Value Management GP:

424,780

SOMA Fund

1,676,856

SOMA Advisors

1,676,856

SOMA Capital Management

1,676,856

SVF Management

1,676,856

SVF Management GP

1,676,856

Credit Strategies:

723,312

ST Management:

723,312

ST Operating:

723,312

ST Capital:

723,312

ST Management Holdings:

723,312

Capital Spectrum:

227,697

Capital Spectrum Advisors:

227,697

Capital Spectrum Management:

227,697

Capital Management:

3,052,645

Capital Management GP:

3,052,645

Principal II:

2,329,333

Principal II GP: