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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AKORN INC COM 009728106 731 56,300 SH Call SOLE 1 56,300 0 0
ALCOA CORP COM 013872106 2,789 69,046 SH   SOLE 1 69,046 0 0
ALTA MESA RES INC CL A 02133L109 4,297 1,028,010 SH   SOLE 1 1,028,010 0 0
AZUL S A SPONSR ADR PFD 05501U106 13,855 778,799 SH   SOLE 2,3 778,799 0 0
BASIC ENERGY SVCS INC NEW COM NEW 06985P209 6,415 642,176 SH   SOLE 1 642,176 0 0
BRASKEM S A SP ADR PFD A 105532105 96,348 3,337,305 SH   SOLE 2,3 3,337,305 0 0
CAESARS ENTMT CORP COM 127686103 42,312 4,128,022 SH   SOLE 1 4,128,022 0 0
CAESARS ENTMT CORP NOTE 5.000%10/0 127686AA1 24,492 15,038,531 SH   SOLE 1 15,038,531 0 0
CGG SPON ADR NEW 12531Q204 361 133,197 SH   SOLE 1,2,3 133,197 0 0
CHAPARRAL ENERGY INC COM CL A 15942R208 58,078 3,296,127 SH   SOLE 1 3,296,127 0 0
CLEVELAND CLIFFS INC COM 185899101 98,480 7,778,802 SH   SOLE 1,2,3 7,778,802 0 0
CONSTELLIUM NV CL A N22035104 4,592 371,804 SH   SOLE 1 371,804 0 0
FALCON MINERALS CORP CL A COM 30607B109 2,939 267,179 SH   SOLE 1 267,179 0 0
FIRST DATA CORP NEW COM CL A 32008D106 2,914 119,100 SH   SOLE 1 119,100 0 0
GERDAU S A SPON ADR REP PFD 373737105 33,680 8,000,000 SH Call SOLE 2,3 8,000,000 0 0
GERDAU S A SPON ADR REP PFD 373737105 64,783 15,387,774 SH   SOLE 2,3 15,387,774 0 0
GOL LINHAS AEREAS INTLG S A SPON ADR PFD NEW 38045R206 38,212 6,998,532 SH   SOLE 2,3 6,998,532 0 0
KEY ENERGY SVCS INC DEL COM 49309J103 25,396 2,219,957 SH   SOLE 1 2,219,957 0 0
KRATON CORPORATION COM 50077C106 4,449 94,352 SH   SOLE 1 94,352 0 0
MIMEDX GROUP INC COM 602496101 635 102,726 SH   SOLE 1 102,726 0 0
PEABODY ENERGY CORP NEW COM 704551100 276,794 7,766,383 SH   SOLE 1,2,3 7,766,383 0 0
PENN VA CORP NEW COM 70788V102 63,608 789,767 SH   SOLE 1 789,767 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 45,327 3,755,323 SH   SOLE 2,3 3,755,323 0 0
PRECISION DRILLING CORP COM 2010 74022D308 2,914 842,110 SH   SOLE 1 842,110 0 0
TERNIUM SA SPON ADR 880890108 67,324 2,222,646 SH   SOLE 2,3 2,222,646 0 0
VALE S A ADR 91912E105 111,088 7,485,742 SH   SOLE 2,3 7,485,742 0 0
VISTRA ENERGY CORP COM 92840M102 39,086 1,570,970 SH   SOLE 1 1,570,970 0 0
WILLSCOT CORP *W EXP 09/10/202 971375118 1,768 593,327 SH   SOLE 1 593,327 0 0
WILLSCOT CORP COM 971375126 2,313 134,881 SH   SOLE 1 134,881 0 0