Detroit to Exit Historic Bankruptcy Wednesday

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

"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)