Monarch Alternative Capital is a private equity investment firm that invests primarily in the debt of distressed and bankrupt companies. The firm's portfolio of investments is composed primarily of bank loans, public and private corporate bonds, trade claims, and equity securities received in connection with debt restructurings. The firm was founded in 2002 as Quadrangle Debt Recovery Advisors, spun-off from Quadrangle Group in 2008, and was renamed Monarch Alternative Capital.