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   1,436,441 909,140 SH   SOLE   909,140 0 0
ALGOMA STL GROUP INC COM 015658107   47,109,672 5,830,405 SH   DFND 1 5,830,405 0 0
ALTA EQUIPMENT GROUP INC COMMON STOCK 02128L106   1,110,419 70,058 SH   SOLE   70,058 0 0
ARCH RESOURCES INC CL A 03940R107   54,355,686 413,477 SH   DFND 1 413,477 0 0
ARDAGH METAL PACKAGING S A SHS L02235106   2,441,472 598,400 SH   SOLE   598,400 0 0
BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 10806XAB8   6,256,000 8,500,000 SH   SOLE   8,500,000 0 0
BRIGHTVIEW HLDGS INC COM 10948C107   1,575,730 280,379 SH   SOLE   280,379 0 0
BROOKDALE SR LIVING INC NOTE 2.000%10/1 112463AC8   4,351,125 6,150,000 SH   SOLE   6,150,000 0 0
CENTURY CASINOS INC COM 156492100   6,517,426 889,144 SH   SOLE   889,144 0 0
CLEAR CHANNEL OUTDOOR HLDGS COM 18453H106   4,684,402 3,903,668 SH   SOLE   3,903,668 0 0
DELTA AIR LINES INC DEL COM NEW 247361702   2,489,726 71,298 SH   SOLE   71,298 0 0
DXC TECHNOLOGY CO COM 23355L106   792,360 31,000 SH   SOLE   31,000 0 0
EMERALD HOLDING INC COM 29103W104   1,728,569 464,669 SH   SOLE   464,669 0 0
FRONTIER COMMUNICATIONS PARE COM 35909D109   4,077,424 179,070 SH   SOLE   179,070 0 0
GERDAU SA SPON ADR REP PFD 373737105   88,634,256 17,978,551 SH   DFND 1 17,978,551 0 0
IHEARTMEDIA INC COM CL A 45174J509   2,447,117 627,466 SH   SOLE   627,466 0 0
MACYS INC COM 55616P104   2,329,563 133,194 SH   SOLE   133,194 0 0
NCR CORP NEW COM 62886E108   707,700 30,000 SH   SOLE   30,000 0 0
NOBLE CORP PLC ORD SHS A G65431127   3,947,000 100,000 SH   SOLE   100,000 0 0
NORDSTROM INC COM 655664100   1,212,782 74,541 SH   SOLE   74,541 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408   59,897,362 5,742,796 SH   DFND 1 5,742,796 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101   154,930 16,695 SH   SOLE   16,695 0 0
PITNEY BOWES INC COM 724479100   863,580 222,000 SH   SOLE   222,000 0 0
PLAYAGS INC COM 72814N104   443,300 62,000 SH   SOLE   62,000 0 0
R1 RCM INC COM 77634L105   795,000 53,000 SH   SOLE   53,000 0 0
SAFEGUARD SCIENTIFICS INC COM NEW 786449207   2,062,631 1,199,204 SH   SOLE   1,199,204 0 0
SEAWORLD ENTMT INC COM 81282V100   797,030 13,000 SH   SOLE   13,000 0 0
SKILLSOFT CORP CL A 83066P200   2,070,000 1,035,000 SH   SOLE   1,035,000 0 0
SYLVAMO CORP COMMON STOCK 871332102   740,160 16,000 SH   SOLE   16,000 0 0
TERNIUM SA SPONSORED ADS 880890108   44,679,794 1,082,884 SH   DFND 1 1,082,884 0 0
VALARIS LIMITED CL A G9460G101   6,506,000 100,000 SH   SOLE   100,000 0 0
VALE S A SPONSORED ADS 91912E105   26,076,276 1,652,489 SH   DFND 1 1,652,489 0 0
VICTORIAS SECRET AND CO COMMON STOCK 926400102   1,558,948 45,650 SH   SOLE   45,650 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104   2,114,000 140,000 SH   SOLE   140,000 0 0