Virginia’s hopes for a $2 billion paper manufacturing plant in Chesterfield County continue to fade, as the Chinese company behind the project failed to meet a deadline for repaying a $5 million incentive grant by the state.
Tranlin Inc. informed state economic development officials on Tuesday that the company was unable to fully repay the loan, as it had promised in July as part of a plan to reset the massive project to incorporate new technology already operating at new plants in China.
Instead, the company wrote the state a $150,000 check and promised to repay the balance of the grant in six monthly installments, beginning on Dec. 1, and 10 percent annualized interest. It also agreed to give the state a first-position lien on 58 acres it bought in Chesterfield for $3.2 million.
