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
ACTIVISION BLIZZARD INC COM 00507V109 646 8,300 SH   SOLE   8,300 0 0
ADVANTAGE SOLUTIONS INC COM CL A 00791N102 380 100,000 SH   SOLE   100,000 0 0
ALGOMA STL GROUP INC COM 015658107 74,187 8,261,359 SH   DFND 1 8,261,359 0 0
AMC NETWORKS INC CL A 00164V103 497 17,058 SH   SOLE   17,058 0 0
ARCH RESOURCES INC CL A 03940R107 73,624 514,532 SH   DFND 1 514,532 0 0
BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 10806XAB8 4,622 8,500,000 SH   SOLE   8,500,000 0 0
BRIGHTVIEW HLDGS INC COM 10948C107 604 50,327 SH   SOLE   50,327 0 0
CARNIVAL CORP COMMON STOCK 143658300 1,298 150,000 SH   SOLE   150,000 0 0
CENTURY CASINOS INC COM 156492100 6,392 887,769 SH   SOLE   887,769 0 0
CHESAPEAKE ENERGY CORP COM 165167735 3,190 39,333 SH   SOLE   39,333 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106 4,835 4,518,350 SH   SOLE   4,518,350 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 2,066 71,298 SH   SOLE   71,298 0 0
DXC TECHNOLOGY CO COM 23355L106 546 18,000 SH   SOLE   18,000 0 0
EMERALD HOLDING INC COM 29103W104 570 140,000 SH   SOLE   140,000 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109 3,257 138,373 SH   SOLE   138,373 0 0
GERDAU SA SPON ADR REP PFD 373737105 93,986 21,908,271 SH   DFND 1 21,908,271 0 0
IAA INC COM 449253103 483 14,727 SH   SOLE   14,727 0 0
IHEARTMEDIA INC COM CL A 45174J509 10,115 1,281,963 SH   SOLE   1,281,963 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 2,407 113,525 SH   SOLE   113,525 0 0
MACYS INC COM 55616P104 2,715 148,194 SH   SOLE   148,194 0 0
NCR CORP NEW COM 62886E108 778 25,000 SH   SOLE   25,000 0 0
NOBLE CORP NEW SHS G6610J209 3,776 148,962 SH   SOLE   148,962 0 0
NORDSTROM INC COM 655664100 2,604 123,220 SH   SOLE   123,220 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 85,172 7,292,101 SH   DFND 1 7,292,101 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 522 49,098 SH   SOLE   49,098 0 0
PITNEY BOWES INC COM 724479100 670 185,000 SH   SOLE   185,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207 4,473 1,199,204 SH   SOLE   1,199,204 0 0
SCIPLAY CORPORATION CL A 809087109 601 43,045 SH   SOLE   43,045 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 505 40,479 SH   SOLE   40,479 0 0
SEAWORLD ENTMT INC COM 81282V100 420 9,500 SH   SOLE   9,500 0 0
TEGNA INC COM 87901J105 763 36,400 SH   SOLE   36,400 0 0
TERNIUM SA SPONSORED ADS 880890108 33,729 934,581 SH   DFND 1 934,581 0 0
TURTLE BEACH CORP COM NEW 900450206 549 44,905 SH   SOLE   44,905 0 0
VALARIS LIMITED CL A G9460G101 8,786 207,993 SH   SOLE   207,993 0 0
VALE S A SPONSORED ADS 91912E105 110,777 7,571,924 SH   DFND 1 7,571,924 0 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 3,086 115,650 SH   SOLE   115,650 0 0
WENDYS CO COM 95058W100 825 43,709 SH   SOLE   43,709 0 0
WESTERN DIGITAL CORP. COM 958102105 269 6,000 SH   SOLE   6,000 0 0