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
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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   2,925,328 1,250,140 SH   SOLE   1,250,140 0 0
ALBERTSONS COS INC COMMON STOCK 013091103   349,120 16,000 SH   SOLE   16,000 0 0
ALGOMA STL GROUP INC COM 015658107   37,367,960 5,263,093 SH   DFND 1 5,263,093 0 0
ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106   693,200 40,000 SH   SOLE   40,000 0 0
ARCH RESOURCES INC CL A 03940R107   46,623,667 413,477 SH   DFND 1 413,477 0 0
ARDAGH METAL PACKAGING S A SHS L02235106   2,340,224 622,400 SH   SOLE   622,400 0 0
BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 10806XAB8   6,653,102 8,500,000 SH   SOLE   8,500,000 0 0
BRIGHTVIEW HLDGS INC COM 10948C107   2,063,381 287,379 SH   SOLE   287,379 0 0
BROOKDALE SR LIVING INC NOTE 2.000%10/1 112463AC8   4,840,050 6,150,000 SH   SOLE   6,150,000 0 0
CENTURY CASINOS INC COM 156492100   6,312,922 889,144 SH   SOLE   889,144 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106   5,074,025 3,703,668 SH   SOLE   3,703,668 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   3,389,507 71,298 SH   SOLE   71,298 0 0
DXC TECHNOLOGY CO COM 23355L106   828,320 31,000 SH   SOLE   31,000 0 0
EMERALD HOLDING INC COM 29103W104   2,539,282 619,337 SH   SOLE   619,337 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109   3,375,145 181,070 SH   SOLE   181,070 0 0
GERDAU SA SPON ADR REP PFD 373737105   93,848,036 17,978,551 SH   DFND 1 17,978,551 0 0
IHEARTMEDIA INC COM CL A 45174J509   2,283,976 627,466 SH   SOLE   627,466 0 0
MACYS INC COM 55616P104   2,137,764 133,194 SH   SOLE   133,194 0 0
NCR CORP NEW COM 62886E108   781,200 31,000 SH   SOLE   31,000 0 0
NOBLE CORP PLC ORD SHS A G65431127   4,131,000 100,000 SH   SOLE   100,000 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   206,517 16,695 SH   SOLE   16,695 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   64,456,001 4,660,593 SH   DFND 1 4,660,593 0 0
PITNEY BOWES INC COM 724479100   835,440 236,000 SH   SOLE   236,000 0 0
PLAYAGS INC COM 72814N104   355,950 63,000 SH   SOLE   63,000 0 0
R1 RCM INC COM 77634L105   756,450 41,000 SH   SOLE   41,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207   1,978,687 1,199,204 SH   SOLE   1,199,204 0 0
SEAWORLD ENTMT INC COM 81282V100   616,110 11,000 SH   SOLE   11,000 0 0
SKILLSOFT CORP CL A 83066P200   1,376,400 1,110,000 SH   SOLE   1,110,000 0 0
SYLVAMO CORP COMMON STOCK 871332102   647,200 16,000 SH   SOLE   16,000 0 0
TERNIUM SA SPONSORED ADS 880890108   40,694,857 1,026,352 SH   DFND 1 1,026,352 0 0
VALARIS LIMITED CL A G9460G101   6,293,000 100,000 SH   SOLE   100,000 0 0
VALE S A SPONSORED ADS 91912E105   22,176,402 1,652,489 SH   DFND 1 1,652,489 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   1,818,300 145,000 SH   SOLE   145,000 0 0