Detroit to Exit Historic Bankruptcy Wednesday

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Detroit will officially exit the biggest-ever U.S. municipal bankruptcy later on Wednesday, city and state of Michigan officials announced.

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"It is time for the city to emerge from bankruptcy," Detroit Emergency Manager Kevyn Orr said at a news conference.

The effective day will trigger payments to city creditors under a debt adjustment plan confirmed by a U.S. Bankruptcy Court judge last month.

(Reporting By Serena Maria Daniels, additional reporting by Karen Pierog in Chicago and Lisa Lambert in Washington. Editing by Matthew Lewis)