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Mutual funds and other outside investors that hold most of Fruehauf Corp.`s high-yield bonds are proposing their own reorganization of the debt-ridden truck-trailer and auto parts maker. The proposal is a response to a restructuring plan the Detroit-based company announced Jan. 6. The company is trying to deal with debt and expenses from a 1986 leveraged buyout that was arranged by management and Merrill Lynch to avoid a takeover by New York investor Asher Edelman.
