Mathisen Marketing

Your Marketing Blog

Coinflex Reveals Initial Restructuring Path

Coinflex Reveals Initial Restructuring Path

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Reading time: 2 minutes

  • Coinflex has released its initial restructuring plan to creditors, pending final approval from stakeholders
  • Some shareholders are likely to be “wiped out”
  • The new board manages the renewed platform

About a month after Coinflex filed a restructuring plan in the Seychelles, the company has released its initial restructuring plan to creditors as it awaits a final nod from stakeholders. Coinflex wants to appoint a new board of directors to oversee the new entity, reorganize the SmartBCH bridge and give 65% of the company to creditors, although the plan is to “wipe out” those holding common stock.

Employees own 15% of the company

According to a message on its website, Coinflex announced that it intends to entrust 15 percent of the company to its employees under the option program. This is to motivate them to revive the cryptocurrency platform back to its former glory, which has been tarnished by a dispute with Roger Ver over an unpaid $84 million debt.

While common and Series A investors will likely lose their stake in Coinflex, the proposal states that Series B investors will retain their shares after Coinflex’s restructuring because of their value in the company.

The proposal further reveals that the SmartBCH Bridge will be replaced by the SmartBCH Alliance. The decision comes despite Roger Var, Bitcoin Cash (BCH) owner contributing to Coinflex’s problems. Users can transfer BCH in SmartBCH Bridge to SmartBCH Alliance on a 1:1 basis.

Creditors and the Seychelles court must agree

Coinflex creditors receive designated recovery tokens such as USDC and rvUSD. According to the proposed restructuring plan of Coinflex, the new team to restore the company will include a depositor to the platform, a representative of SmartBCH, a Series B investor and an independent director.

Before the proposal becomes a final decision, 75% of all creditors’ votes must support the proposals. If the Seychelles court is satisfied with a positive nod from creditors, Coinflex can begin its rebirth.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Sam Bankman-Fried sheds light on how FTX would approach a Celsius bid

    Sam Bankman-Fried sheds light on how FTX would approach a Celsius bid

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase FTX founder and CEO Sam Bankman-Fried has shared details about how his company is approaching the purchase of Celsius tablets. The comments follow FTX US snapping up the assets of bankrupt crypto lender Voyager Digital for $1.3 billion in an […]

    Read More

  • The XDC Network Secures $50M From LDA Capital to Drive Ecosystem Development

    The XDC Network Secures $50M From LDA Capital to Drive Ecosystem Development

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase DUBAI, United Arab Emirates–(BUSINESS WIRE)–The founders of the XDC network have used a portion of their personal token allocation to secure a $50 million commitment from global alternative investment group LDA Capital Limited to accelerate the expansion and development of […]

    Read More

  • Celsius founder Alex Mashisnky Pulled Money Ahead of Bankrupty

    Celsius founder Alex Mashisnky Pulled Money Ahead of Bankrupty

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase In July 2022, the cryptolender Celsius Network went bankrupt due to the platform’s massive withdrawals. When the company was going bankrupt, it also froze customer accounts. However, the latest report from the Financial Times shows that Celsius founder Alex Mashinsky […]

    Read More