Massachusetts Gov. Deval Patrick yesterday released a $28.2 billion fiscal 2011 budget proposal that includes a plan to restructure up to $300 million of general obligation debt that otherwise would come due in fiscal 2011.

The debt restructuring would spread out principal payments over the next seven years pending legislative approval. Finance officials would seek to restructure $200 million of the debt before June 30, the end of fiscal 2010.

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