Adelphia Communications

has filed for bankruptcy protection, according to a report in

The Wall Street Journal

, and the company has secured $1.5 billion in debtor-in-possession financing.

The move isn't entirely unexpected, as Adelphia has had a string of bad news for the last three months, including a series of damaging revelations regarding its obligations and debt load.

The company's fortunes began to collapse when it disclosed in late March that it could potentially be on the hook for debts incurred by members of the family that controlled Adelphia's operations. That family, the Rigases, has since given up control of the cable company.

Adelphia recently set plans to restate some of its financial results as a result of an internal investigation into its books. The company also earlier this month dismissed its longtime auditor, Deloitte & Touche.