how to split file and lines

I have a text file like :

1_01                  { ; quite good spirals 


reset=2000 type=mandel passes=1
  corners=-0.6014129278/-0.5990935452/0.427747516/0.429487053
  params=0/0 float=y maxiter=1000 inside=0 outside=15
  distest=1/10/320/200 
  }

1_02                  { ; stringy one, with dist estimator
  reset=2000 type=mandel passes=1
  corners=-1.9228429644992/-1.9228427944992/-6.3749991620026e-008/6.375000\
  8379971e-008 params=0/0 float=y maxiter=1000 inside=0 outside=15
  distest=1/20/320/200
  }

1_03                  { ; OK, bit dull, not zoomed in far 
  reset=2000 type=mandel passes=1
  corners=0.3734922373/0.3820837907/-0.243292645/-0.23684898
  params=0/0 float=y maxiter=1000 inside=0 outside=15
  distest=1/10/320/200
  }

1_04                  { ; a mess, needs dist est
  reset=2000 type=mandel passes=1
  corners=-1.862224008886682/-1.86222400040936/-3.214020831358832e-009/3.1\
  43970347410528e-009 params=0/0 float=y maxiter=1000 inside=0
  outside=15 distest=1/10/320/200 
  }

and I would like to split it into files and lines like :

1_01 { ; quite good spirals
reset=2000
type=mandel
passes=1
corners=-0.6014129278/-0.5990935452/0.427747516/0.429487053
params=0/0
float=y
maxiter=1000
inside=0
outside=15
distest=1/10/320/200
}

Now I have made a bash script :

#!/usr/bin/env bash
# chmod +x s.sh
# ./s.sh
for f in *.txt; 
do  
 echo " found "$f " file ";
 #split -l 7 $f; 
 awk '/{/{n++}{print > n".p" }' $f
 echo $f "- split when { is found  and add p extension " ;
 rm $f;
 echo " input file " $f " is removed " ;
done

for f in *.p;   
do
 echo " in "$f " file replace space with newline and add par extension"
 # tr '{}' '()' < infile > outfile
 tr ' ' '\n' < $f >$f"ar"
 rm $f;
done

for f in *.par;     
do
 echo "remove blank= empty lines"
 sed -i '/^$/d' $f
done

It works , but can I do it better ?