Chicago -- United Airlines emerged from Chapter 11 bankruptcy today after a restructuring that shrunk the nation's number two airline by about 20 percent fewer airplanes and 30 percent fewer employees.The airline, which sought Chapter 11 bankruptcy protection in Dec. 2002 and hasn't been profitable since 2000, remains in the red. United parent UAL Corp. last week reported a whopping $21-billion loss for 2005, which it attributed mainly to its reorganization. Reported operating losses were $557 million.United's chief executive, Glenn Tilton, said the airline will survive despite last year's loss and a net loss expected this year."We've put ourselves in a position to be able to compete with the effect of high oil prices in 2006," Tilton said in an interview yesterday with the Associated Press. "I'm confident that the work that we've done will put us in a position to have a competitive result whatever the market environment may be."In its three-year effort to restructure itself, United cut expenses by $7 billion annually and eliminated $13 billion of debt. United now has about 57,000 employees and 460 airplanes.United cut dozens of domestic daily flights but increased more lucrative international flights. The airline operates more than 3,400 flights a day on United, United Express, and Ted to more than 200 domestic and international destinations combined.A federal bankruptcy court judge approved United's reorganization plan on Jan. 20.