The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 2,126,705 | 1,611,140 | SH | SOLE | 1,611,140 | 0 | 0 | |||
| ALGOMA STL GROUP INC | COM | 015658107 | 24,611,204 | 3,572,018 | SH | DFND | 1 | 3,572,018 | 0 | 0 | ||
| ARDAGH METAL PACKAGING S A | SHS | L02235106 | 385,200 | 90,000 | SH | SOLE | 90,000 | 0 | 0 | |||
| BRIGHTVIEW HLDGS INC | COM | 10948C107 | 3,439,324 | 206,566 | SH | SOLE | 206,566 | 0 | 0 | |||
| BURFORD CAP LTD | ORD SHS | G17977110 | 36,459,226 | 2,556,748 | SH | DFND | 1 | 2,556,748 | 0 | 0 | ||
| CAESARS ENTERTAINMENT INC NE | COM | 12769G100 | 3,392,605 | 119,500 | SH | SOLE | 119,500 | 0 | 0 | |||
| CENTURY CASINOS INC | COM | 156492100 | 1,880,540 | 889,144 | SH | SOLE | 889,144 | 0 | 0 | |||
| CLEAR CHANNEL OUTDOOR HLDGS | COM | 18453H106 | 1,699,558 | 1,452,614 | SH | SOLE | 1,452,614 | 0 | 0 | |||
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 | 874,000 | 115,000 | SH | SOLE | 115,000 | 0 | 0 | |||
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 | 15,290,007 | 219,243 | SH | DFND | 1 | 219,243 | 0 | 0 | ||
| EMERALD HOLDING INC | COM | 29103W104 | 3,801,731 | 783,862 | SH | SOLE | 783,862 | 0 | 0 | |||
| GERDAU SA | SPON ADR REP PFD | 373737105 | 55,681,807 | 19,069,112 | SH | DFND | 1 | 19,069,112 | 0 | 0 | ||
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 | 76,939,228 | 1,265,656 | SH | DFND | 1 | 1,265,656 | 0 | 0 | ||
| LESLIES INC | COM | 527064109 | 372,498 | 887,112 | SH | SOLE | 887,112 | 0 | 0 | |||
| LITHIUM ARGENTINA AG | NOTE 1.750% 1/1 | 53680QAA6 | 12,992,000 | 16,000,000 | SH | DFND | 1 | 16,000,000 | 0 | 0 | ||
| MACYS INC | COM | 55616P104 | 2,332,000 | 200,000 | SH | SOLE | 200,000 | 0 | 0 | |||
| MAGNERA CORP | COM SHS | 55939A107 | 338,240 | 28,000 | SH | SOLE | 28,000 | 0 | 0 | |||
| MASTERBRAND INC | COMMON STOCK | 57638P104 | 262,320 | 24,000 | SH | SOLE | 24,000 | 0 | 0 | |||
| MATTEL INC | COM | 577081102 | 394,400 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | |||
| NATIONAL CINEMEDIA INC | COM NEW | 635309206 | 3,584,811 | 739,899 | SH | SOLE | 739,899 | 0 | 0 | |||
| NCR ATLEOS CORPORATION | COM SHS | 63001N106 | 827,370 | 29,000 | SH | SOLE | 29,000 | 0 | 0 | |||
| NCR VOYIX CORPORATION | COM | 62886E108 | 551,310 | 47,000 | SH | SOLE | 47,000 | 0 | 0 | |||
| NOBLE CORP PLC | ORD SHS A | G65431127 | 1,593,000 | 60,000 | SH | SOLE | 60,000 | 0 | 0 | |||
| ON SEMICONDUCTOR CORP | COM | 682189105 | 288,255 | 5,500 | SH | SOLE | 5,500 | 0 | 0 | |||
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | 24,121,444 | 1,928,173 | SH | DFND | 1 | 1,928,173 | 0 | 0 | ||
| PG&E CORP | COM | 69331C108 | 2,788,000 | 200,000 | SH | SOLE | 200,000 | 0 | 0 | |||
| PITNEY BOWES INC | COM | 724479100 | 1,745,600 | 160,000 | SH | SOLE | 160,000 | 0 | 0 | |||
| SABRE CORP | COM | 78573M104 | 2,227,800 | 705,000 | SH | SOLE | 705,000 | 0 | 0 | |||
| SKILLSOFT CORP | CL A | 83066P309 | 550,965 | 34,500 | SH | SOLE | 34,500 | 0 | 0 | |||
| TERNIUM SA | SPONSORED ADS | 880890108 | 29,871,631 | 992,413 | SH | DFND | 1 | 992,413 | 0 | 0 | ||
| UNITED PARKS & RESORTS INC | COM | 81282V100 | 1,060,875 | 22,500 | SH | SOLE | 22,500 | 0 | 0 | |||
| VALARIS LTD | CL A | G9460G101 | 1,323,686 | 31,434 | SH | SOLE | 31,434 | 0 | 0 | |||
| VALE S A | SPONSORED ADS | 91912E105 | 34,481,870 | 3,551,171 | SH | DFND | 1 | 3,551,171 | 0 | 0 | ||
| VIPER ENERGY INC | CL A | 927959106 | 1,224,507 | 32,114 | SH | SOLE | 32,114 | 0 | 0 | |||