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
ADVANTAGE SOLUTIONS INC COM CL A 00791N102   4,596,064 1,269,631 SH   SOLE   1,269,631 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   437,000 19,000 SH   SOLE   19,000 0 0
ALGOMA STL GROUP INC COM 015658107   44,776,157 4,464,223 SH   DFND 1 4,464,223 0 0
ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106   890,640 72,000 SH   SOLE   72,000 0 0
ARCH RESOURCES INC CL A 03940R107   66,096,225 398,314 SH   DFND 1 398,314 0 0
ARDAGH METAL PACKAGING S A SHS L02235106   2,451,456 638,400 SH   SOLE   638,400 0 0
BRIGHTVIEW HLDGS INC COM 10948C107   2,512,351 298,379 SH   SOLE   298,379 0 0
BROOKDALE SR LIVING INC NOTE 2.000%10/1 112463AC8   5,578,050 6,150,000 SH   SOLE   6,150,000 0 0
CENTURY CASINOS INC COM 156492100   4,339,023 889,144 SH   SOLE   889,144 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106   5,464,757 3,002,614 SH   SOLE   3,002,614 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   2,868,319 71,298 SH   SOLE   71,298 0 0
EMERALD HOLDING INC COM 29103W104   4,423,932 739,788 SH   SOLE   739,788 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109   760,200 30,000 SH   SOLE   30,000 0 0
GERDAU SA SPON ADR REP PFD 373737105   88,465,382 18,240,285 SH   DFND 1 18,240,285 0 0
IHEARTMEDIA INC COM CL A 45174J509   1,638,659 613,730 SH   SOLE   613,730 0 0
MACYS INC COM 55616P104   3,726,103 185,194 SH   SOLE   185,194 0 0
NATIONAL CINEMEDIA INC COM NEW 635309206   6,379,065 1,540,837 SH   SOLE   1,540,837 0 0
NCR ATLEOS CORPORATION COM SHS 63001N106   473,655 19,500 SH   SOLE   19,500 0 0
NCR VOYIX CORPORATION COM 62886E108   574,940 34,000 SH   SOLE   34,000 0 0
NOBLE CORP PLC ORD SHS A G65431127   1,514,006 31,437 SH   SOLE   31,437 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   255,100 16,695 SH   DFND 1 16,695 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   72,282,232 4,526,126 SH   DFND 1 4,526,126 0 0
PITNEY BOWES INC COM 724479100   1,078,000 245,000 SH   SOLE   245,000 0 0
PLAYAGS INC COM 72814N104   859,860 102,000 SH   SOLE   102,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207   940,776 1,199,204 SH   SOLE   1,199,204 0 0
SEAWORLD ENTMT INC COM 81282V100   660,375 12,500 SH   SOLE   12,500 0 0
TERNIUM SA SPONSORED ADS 880890108   47,480,653 1,117,981 SH   DFND 1 1,117,981 0 0
VALARIS LTD CL A G9460G101   2,155,429 31,434 SH   SOLE   31,434 0 0
VALE S A SPONSORED ADS 91912E105   32,955,050 2,077,872 SH   DFND 1 2,077,872 0 0
VIPER ENERGY INC CL A 927959106   2,119,939 67,557 SH   SOLE   67,557 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   1,900,460 167,000 SH   SOLE   167,000 0 0