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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACTIVISION BLIZZARD INC COM 00507V109   405,715 5,300 SH   SOLE   5,300 0 0
ADVANTAGE SOLUTIONS INC COM CL A 00791N102   1,739,171 836,140 SH   SOLE   836,140 0 0
ALGOMA STL GROUP INC COM 015658107   41,126,959 6,486,902 SH   DFND 1 6,486,902 0 0
ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106   903,515 68,500 SH   SOLE   68,500 0 0
AMC NETWORKS INC CL A 00164V103   256,236 16,352 SH   SOLE   16,352 0 0
ARCH RESOURCES INC CL A 03940R107   60,240,959 421,885 SH   DFND 1 421,885 0 0
ARDAGH METAL PACKAGING S A SHS L02235106   1,914,380 398,000 SH   SOLE   398,000 0 0
BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 10806XAB8   3,782,500 8,500,000 SH   SOLE   8,500,000 0 0
BRIGHTVIEW HLDGS INC COM 10948C107   496,080 72,000 SH   SOLE   72,000 0 0
BROOKDALE SR LIVING INC NOTE 2.000%10/1 112463AC8   4,600,969 6,150,000 SH   SOLE   6,150,000 0 0
CENTURY CASINOS INC COM 156492100   6,250,682 889,144 SH   SOLE   889,144 0 0
CHESAPEAKE ENERGY CORP COM 165167735   1,918,825 20,333 SH   SOLE   20,333 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106   4,067,351 3,873,668 SH   SOLE   3,873,668 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   2,342,852 71,298 SH   SOLE   71,298 0 0
DXC TECHNOLOGY CO COM 23355L106   662,500 25,000 SH   SOLE   25,000 0 0
EMERALD HOLDING INC COM 29103W104   1,530,232 432,269 SH   SOLE   432,269 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109   4,562,704 179,070 SH   SOLE   179,070 0 0
GERDAU SA SPON ADR REP PFD 373737105   102,787,016 18,553,613 SH   DFND 1 18,553,613 0 0
IHEARTMEDIA INC COM CL A 45174J509   3,846,367 627,466 SH   SOLE   627,466 0 0
MACYS INC COM 55616P104   2,750,456 133,194 SH   SOLE   133,194 0 0
NCR CORP NEW COM 62886E108   561,840 24,000 SH   SOLE   24,000 0 0
NOBLE CORP PLC ORD SHS A G65431127   4,336,160 114,987 SH   SOLE   114,987 0 0
NORDSTROM INC COM 655664100   2,495,196 154,597 SH   SOLE   154,597 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   69,566,024 6,532,021 SH   DFND 1 6,532,021 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   456,120 49,098 SH   SOLE   49,098 0 0
PITNEY BOWES INC COM 724479100   779,000 205,000 SH   SOLE   205,000 0 0
PLAYAGS INC COM 72814N104   336,600 66,000 SH   SOLE   66,000 0 0
R1 RCM INC COM 77634L105   667,950 61,000 SH   SOLE   61,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207   3,717,532 1,199,204 SH   SOLE   1,199,204 0 0
SEAWORLD ENTMT INC COM 81282V100   802,650 15,000 SH   SOLE   15,000 0 0
SKILLSOFT CORP CL A 83066P200   1,358,500 1,045,000 SH   SOLE   1,045,000 0 0
TERNIUM SA SPONSORED ADS 880890108   28,396,810 929,215 SH   DFND 1 929,215 0 0
UNIVAR SOLUTIONS INC COM 91336L107   286,200 9,000 SH   SOLE   9,000 0 0
VALARIS LIMITED CL A G9460G101   8,390,087 124,077 SH   SOLE   124,077 0 0
VALE S A SPONSORED ADS 91912E105   29,162,758 1,718,489 SH   DFND 1 1,718,489 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   3,676,514 115,650 SH   SOLE   115,650 0 0
VIVID SEATS INC COM CL A 92854T100   148,402 20,329 SH   SOLE   20,329 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   1,327,200 140,000 SH   SOLE   140,000 0 0