United Airlines yesterday issued its long-awaited reorganization plan, predicting it will exit Chapter 11 bankruptcy protection by Feb. 1 and turn a profit in 2006.

The plan by the nation's No. 2 airline, filed in a Chicago bankruptcy court, signals what could be the beginning of the end of United's bankruptcy case, which is the largest and longest-running ever in the airline industry.

If it meets its goal, United would emerge from bankruptcy more than three years after filing.

United CEO Glenn Tilton said the plan for the Chicago-based carrier "reflects the financial foundation of the much stronger, much more competitive United that we have built."

In bankruptcy, United has cut costs deeply. Among other actions, it has eliminated jobs and pension plans, and has cut wages. It has shifted more of its flying to international routes, where competition is less fierce.

The new plan — laying out United's financial projections and proposed payments to creditors — is subject to bankruptcy court review and to a vote of unsecured creditors, who would recover only a fraction of their claims. United proposed a Dec. 1 voting deadline.

After so much time in Chapter 11, United has been under pressure to issue its plan. But it comes amid the highest jet fuel prices in history and the highest level of uncertainty in the industry since the 2001 terrorist attacks. United's financial projections likely will face tough scrutiny.

Under the plan, current shareholders in United parent UAL would lose their shares and get nothing. Unsecured creditors would recover only 4 percent to 7 percent of their $20 billion to $30 billion in total claims, all of it in stock. United would issue 125 million new shares of common stock.

Boston bankruptcy lawyer Jon Schneider said the proposed recovery for unsecured creditors is low, particularly because it would be in stock, not cash.

US Airways, which also is in bankruptcy reorganization, has proposed paying its unsecured creditors up to 17.4 percent of their claims, also in stock.

Other key points of the plan: