Interoil/Exxon Plan of Arrangement: Third Time's A Charm

On February 20, 2017, InterOil Corporation ("InterOil") obtained approval from the Yukon Supreme Court for an updated plan of arrangement with ExxonMobil Corporation ("Exxon"). This was InterOil's third court application for approval of a plan of arrangement in connection with Exxon's acquisition of InterOil, as described in an amended and restated arrangement agreement dated December 15, 2016 (the "Updated Arrangement"). Pursuant to the court-approved plan of arrangement, Exxon acquired all of the issued and outstanding common shares of InterOil on February 22, 2017.

Judicial History

On InterOil's first application, its original plan of arrangement involving Exxon, as described in the original arrangement agreement with Exxon dated July 21, 2016 (the "Original Arrangement"), was approved by the Yukon Supreme Court on October 19, 2016, notwithstanding disclosure and corporate governance deficiencies noted by the application judge. Unsurprisingly, the 5.5%