CoinFLEX, a cryptocurrency exchange situated in the Seychelles, released a formal reorganisation plan today, as well as the company's urgent next moves.

Creditors, as stipulated in the business's term sheet, will possess 65% of the corporation.

The CoinFLEX team will get 15% of the remaining business shares, which will vest over time through an employee share option scheme.

In turn, Series B investors will remain stockholders in the reorganised firm.

According to CoinFLEX, the plan also includes an agreement with the BCH alliance under which the alliance would accept responsibility for the SmartBCH Bridge.

If the takeover is allowed, CoinFLEX stated that "BCH on the SmartBCH network will be 1:1 redeemable for BCH via the SmartBCH Alliance."

“​​The team will release a separate blog explaining how the voting will work and what steps you need to take to be ready to vote,” CoinFLEX said. 

After suspending withdrawals in June, CoinFLEX notified the reorganisation efforts to consumers through email.