Gear S2 stuck at 'setting up'

Hi, I have this strange issue. I had the Gear 2 for about a month now, and always worked perfectly. Yesterday I got the new update, no issues there. But today I decided to format my phone (LG G3), and in order to re-sync the watch I had to reset it. Up untill then, everything ok, but now it won't connect! It shows the bluetooth pairing alert, I accept on both devices, and then it keeps 'connecting to gear' on the phone and 'setting up' the watch. If I wait long enough, the watch will ask me to restart the process as it is taking so long, but the phone just keeps going. If I close and restart the app in this state, it looks as it had connected but unpaired from the watch, and again, trying to connect triggers an endless pop-up with the connecting message... any clues? I have tried clearing cache and resetting everything multiple times, I am clueless!!... :(

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