WASHINGTON — Detroit’s massive debt, its limited resources, state officials’ intent to put the city on a path of sustainability, and the huge costs of bankruptcy and other legal proceedings virtually assure that holders of the city’s debt will likely get cents on the dollar, even those who hold general obligation bonds, muni market participants said Friday.

“If there is ever a situation where bondholders are going to have to take a hit, it would be a situation like this,” said a municipal analyst who wanted to remain anonymous.

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