Vonage Holdings Corp will name a new chief executive as early as next week, The Wall Street Journal said, citing people familiar with the matter.

The Web-based phone company said on Thursday it has a letter of commitment from Silver Point Finance LLC to provide up to $215 million in private debt financing, after months of negotiations.

Jeffrey Citron, Vonage's chairman and interim chief executive, plans to let someone else manage day-to-day operations, though he will remain involved with the company, the paper said.

Vonage was a pioneer in selling Web-based phone services to consumers looking for a cheaper alternative to traditional landline services.

But it has been bleeding red ink since its start, and has faced growing competition from Skype, a unit of online auction company eBay Inc, and cable service providers' voice services.

Vonage could not be immediately reached for comment.

Source:Reuters