RICHMOND, Va. (AP) — The Chinese company behind a proposed paper manufacturing plant near Richmond has failed to meet a deadline for repaying a $5 million state incentive grant.

The Richmond Times-Dispatch reports Tranlin Inc. informed state economic development officials Tuesday it couldn't fully repay the loan. Instead, the company wrote a $150,000 check and promised to repay the balance in six monthly installments with interest. It also agreed to a lien on 58 acres in Chesterfield.

The grant was part of a $29.5 million state financial incentive package, and the company agreed to the repayment deadline in July.

In a statement, its acting CEO apologized and said the company is committed to remaining in Virginia.

The Chesterfield plant was originally scheduled to be in operation by 2019, but that's been pushed back.