equity stake of 55%, thus making them the majority owners of UAL Corporation. UAL became the world's largest employee-owned company. During the mid-1990s the scheme worked well for UAL. The company was able to stabilize its finances, which had been weakened by the recession earlier in the decade and the divestiture of Allegis' profitable assets. In the late 1990s UAL's United Airlines subsidiary grew to be the world's largest airline, as well as one of the most profitable. Yet in 2000, UAL's fortunes began to dim. In April 2000, the ESOP investment period ended for most US employees, prompting United's unions to fight for higher wages. Labor issues, air traffic congestion and poor weather forced widespread flight cancellations during the summer of 2000, harming the airline's reputation. Then UAL Corporation announced its intent to merge with US Airways Group, Inc., the operator of US Airways. The deal collapsed in mid-2001, due to opposition from the U.S. government and employees. Then came the tragedy of September 11. The company ended 2001 with a record loss of $2.1 billion. As losses continued into 2002, Glenn Tilton, a former Texaco CEO with experience operating a troubled company, was brought in by UAL's Board of Directors to prevent bankruptcy, or, if needed, guide the company through a bankruptcy. Tilton was appointed Chairman, President, and CEO of UAL Corporation and United Airlines, Inc. in September 2002. Tilton sought wage cuts from employees and applied for a U.S. government loan guarantee to avoid filing for bankruptcy. By early December, the company had reached agreements with most of its unions for wage reductions, but its loan application was rejected Dec. 4. On Dec. 9, UAL and its subsidiaries filed for Chapter 11 reorganization. UAL quickly received debtor-in-possession (DIP) financing to allow it to continue "business as usual" while it reorganized its debt, capital and cost structures. The year ended with UAL seeking immediate voluntary wage reductions from all employee groups or permission from the bankruptcy court to impose those reductions in order to meet the strict covenants established by the DIP lenders. What followed was one of the largest, longest, and most complex bankruptcy cases in US history. UAL Corporation and its subsidiaries emerged from bankruptcy protection on February 1, 2006. On December 8, 2009, UAL Corporation announced an order for 25 Airbus A350 and 25 Boeing 787 aircraft, with purchase rights for 50 more of each.