SAN FRANCISCO — Stockton’s attempt to make bondholders take a $350 million hit will likely blackball it from the bond market for years and cost the California city a pretty penny when it does return, municipal market watchers say.

Stockton, one the largest cities ever to file for Chapter 9 protection, is locked in a battle with most of its bond market creditors over whether it should be allowed to reorganize its debts in bankruptcy court. The four-day trial over Stockton’s eligibility for bankruptcy is set for March 25.

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