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   5,497,502 1,269,631 SH   SOLE   1,269,631 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   203,680 9,500 SH   SOLE   9,500 0 0
ALGOMA STL GROUP INC COM 015658107   33,417,447 3,936,095 SH   DFND 1 3,936,095 0 0
ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106   2,418,723 186,774 SH   SOLE   186,774 0 0
ARCH RESOURCES INC CL A 03940R107   61,142,488 380,263 SH   DFND 1 380,263 0 0
ARDAGH METAL PACKAGING S A SHS L02235106   2,189,712 638,400 SH   SOLE   638,400 0 0
BRIGHTVIEW HLDGS INC COM 10948C107   3,550,710 298,379 SH   SOLE   298,379 0 0
CENTURY CASINOS INC COM 156492100   2,809,695 889,144 SH   SOLE   889,144 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106   4,129,313 2,502,614 SH   SOLE   2,502,614 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   3,388,260 149,000 SH   SOLE   149,000 0 0
EMERALD HOLDING INC COM 29103W104   4,861,591 713,890 SH   SOLE   713,890 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109   796,250 32,500 SH   SOLE   32,500 0 0
GERDAU SA SPON ADR REP PFD 373737105   79,474,159 17,980,579 SH   DFND 1 17,980,579 0 0
GLATFELTER CORPORATION COM 377320106   257,832 128,916 SH   SOLE   128,916 0 0
MACYS INC COM 55616P104   3,941,908 197,194 SH   SOLE   197,194 0 0
NATIONAL CINEMEDIA INC COM NEW 635309206   5,779,263 1,122,187 SH   SOLE   1,122,187 0 0
NCR ATLEOS CORPORATION COM SHS 63001N106   404,875 20,500 SH   SOLE   20,500 0 0
NCR VOYIX CORPORATION COM 62886E108   454,680 36,000 SH   SOLE   36,000 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   66,893,945 4,398,024 SH   DFND 1 4,398,024 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   248,756 16,695 SH   DFND 1 16,695 0 0
PITNEY BOWES INC COM 724479100   840,020 194,000 SH   SOLE   194,000 0 0
PLAYAGS INC COM 72814N104   915,960 102,000 SH   SOLE   102,000 0 0
SKILLSOFT CORP CL A 83066P309   350,550 38,950 SH   SOLE   38,950 0 0
TERNIUM SA SPONSORED ADS 880890108   46,530,369 1,117,981 SH   DFND 1 1,117,981 0 0
UNITED PARKS & RESORTS INC COM 81282V100   730,730 13,000 SH   SOLE   13,000 0 0
VALARIS LTD CL A G9460G101   2,967,803 39,434 SH   SOLE   39,434 0 0
VALE S A SPONSORED ADS 91912E105   28,226,030 2,315,507 SH   DFND 1 2,315,507 0 0
VIPER ENERGY INC CL A 927959106   2,598,242 67,557 SH   SOLE   67,557 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   1,536,480 176,000 SH   SOLE   176,000 0 0