CHICAGO — With trading active on much of bankrupt American Airlines’ $3.2 billion of special facilities revenue bonds, some market participants are sounding a cautionary tone in assessing their value, as bargain hunters eye the airline’s discounted bonds secured by collateral.

Fort Worth-based AMR Corp., the parent of American, filed for federal Chapter 11 bankruptcy on Nov. 29 seeking to lower employee costs and pare its debt load as its competitors have done over the last decade.

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