OUDERSPORT, Pa. (AP) -- Adelphia Business Solutions said Wednesday that it and certain units filed a voluntary petition for Chapter 11 bankruptcy protection, following months of struggling to meet debt obligations and multiple downgrades from major debt rating agencies.

The Coudersport, Pa., telecommunications spinoff of cable company Adelphia Communications Corp. said it filed for bankruptcy because of the virtual shutdown of the telecom capital markets and the overall decline in the industry.

Adelphia Business said it is in talks with its debtholders regarding their claims. The company also said it signed an agreement with Adelphia Communications and an affiliate of the majority shareholder family for debtor-in-possession financing of up to $135 million. The financing, which is subject to bankruptcy court approval, will provide immediate funds, allowing the company to satisfy obligations from daily business operations.