- Control over the company will pass to the OPNX exchange
- Lenders will receive more than half of the new company
- But Series A shareholders will lose their shares in the capital
Tuesday, March 7, CoinFLEX received approval for its restructuring plan. As expected, creditors will receive 65% of the company, while some of the victims will be left with nothing.
The ruling is expected to be released this week. Until then, trading with blocked LUSD and LETH will continue, but then it will be frozen for a day.
Against the backdrop of this news, the FLEX rate jumped by 7.8% per day. At the time of writing, it is trading at $1.84.
Proposed restructuring plan
CoinFLEX froze withdrawals back in June last year. Two months later, the company applied for restructuring. Already in September, a rough plan was published.
According to him, CoinFLEX employees will receive 15% of the new company, creditors – up to 65%. At the same time, only Series B shareholders will be able to retain their stake.
Also, according to unconfirmed reports, control over the company passes to OPNX. About it reported DeFi analyst with the nickname “Ignas”. CoinFLEX has not yet commented on this news.
Ties to 3AC
Notably, OPNX was created by the founders of Three Arrows Capital. At the same time, both parties, including the co-founders of CoinFLEX, plan to raise $25 million to launch a new exchange, GTX.
It is difficult to say whether the proposed plan is a win-win for creditors and most shareholders. But even the fact that the process has moved off the dead center is already good.
