United Airlines, the second largest airline in the United States, announced on Wednesday that it had filed its exit documents in U.S. Bankruptcy Court on Wednesday, officially ending the longest and costliest bankruptcy of any U.S. airline.

"We have achieved a great deal in our restructuring to reposition this company and build upon our assets, an unrivaled global network and our dedicated employees," said Glenn Tilton, CEO of United and parent UAL Corp., in a statement accompanying the announcement.

"Today, we have the business platform we need to compete with the strongest carriers and a clear strategy of offering the right service to the right customer at the right price," he said.

United filed for bankruptcy protection in December 2002, overwhelmed by heavy operating costs, skyrocketing fuel prices, fierce competition from low-cost carriers and a sharp drop in travel following the September 11, 2001 terrorist attacks.

The airline said that it now has about 30 percent fewer employees, 20 percent fewer airplanes and 20 percent lower operating costs excluding fuel, than it did when the bankruptcy began on December 9, 2002.

Source: Xinhua