  The flux phase predicted by the $t-J$ model in the large-N limit exhibits
features that make it a candidate for describing the pseudogap regime of
cuprates. However certain properties, as for instance the prediction of well
defined quasiparticle peaks, speak against this scenario. We have addressed
these issues by computing self-energy renormalizations in the vicinity to flux
phase. The calculated spectral functions show features similar to those
observed in experiments. At low doping, near the flux phase, the spectral
functions are anisotropic on the Fermi surface and very incoherent near the hot
spots. The temperature and doping evolution of self-energy and spectral
functions are discussed and compared with the experiment.
