Two-way wireless data carrier Motient Corp. said it filed for voluntary Chapter 11 bankruptcy protection in a move to restructure its $335-million debt.

The Reston, Virginia-based company has $238-million in assets and $495-million in debts, according to the filing, but Walter V. Purnell, Jr., Motient’s president and CEO is confident that the restructuring efforts should "set the company straight."

The terms of the proposal are subject to court approval. If the restructuring is completed as proposed, Motient will eliminate more than $40-million in annual interest payments, which the company expects will enable it to reach EBITDA break even in 2002.

Purnell reassured Motient’s 250,000 customers and 350 employees when he said, "The restructuring will not affect the operations of our nationwide wireless data network, our customers or our employees."

Motient supports Research in Motion’s popular BlackBerry. The Canadian company is taking the news of Motient’s ‘Chapter 11 filing’ as a positive sign.

RIM vice president Mark Guibert told CNET that although the term "Chapter II" is loaded with negative connotations, the news is actually positive for RIM, assuring that Motient will be a partner of the BlackBerry maker for the foreseeable future.

"It is a positive thing for us," Guibert said. "It demonstrates their financial plan."