Detroit will officially exit the biggest-ever U.S. municipal bankruptcy later on Wednesday, officials said, allowing Michigan’s largest city to start a new chapter with a lighter debt load.

The city, which filed for bankruptcy in July 2013, will shed about $7 billion of its $18 billion of debt and obligations.

“We’re going to start fresh tomorrow and do the best we can to deliver the kind of services people deserve,” said Mayor Mike Duggan.

Once a symbol of U.S. industrial might, Detroit fell on hard times after decades of population loss, rampant debt and financial mismanagement left it struggling to provide basic services to residents.

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STORY:http://news.yahoo.com/detroit-exit-historic-bankruptcy-later-wednesday-162728907.html