Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 145

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 145
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 Dutch Debt Securities to recover less than the principal amount of their claim. Renvooi
procedures could also cause payments to holders of Dutch Debt Securities be delayed compared to holders of undisputed claims.

The Dutch Bankruptcy Act does not in itself recognize the concept
of classes of creditors. Remaining amounts, if any, after satisfaction of the secured and the preferential creditors are distributed
among the unsecured non-preferential creditors, who will be satisfied on a pro-rata basis. Contractual subordination may to a certain
extent be given effect in Dutch insolvency proceedings with the actual effect largely depending on the way such subordination is construed.

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With the entry into force of the WHOA on January 1, 2021, debtors
now have the possibility to offer a composition outside of formal insolvency proceedings. Under the WHOA, a composition can be offered
to (secured) creditors as well as shareholders by the debtor or by a court-appointed restructuring expert. Upon confirmation by the court,
such composition is binding on the creditors and shareholders to whom it has been offered and affects their rights.

The WHOA provides, inter alia, for cross class cramdown, the
restructuring of group company obligations through either one or more aligned proceedings, the termination of onerous contracts with
deactivation of ipso facto, and supporting court measures. A composition plan under the WHOA can extend to claims against entities
that are not incorporated under Dutch law and/or are residing outside the Netherlands.

Under the WHOA, voting on a composition plan is done in classes. Approval
by a class requires a decision adopted with a majority of two third of the claims of that class that have voted on the plan or, in the
case of a class of shareholders, two thirds of the shares of that class that have voted on the plan. The WHOA provides for the possibility
for a composition plan to be binding on a non-consenting class (cross class cramdown). Under the WHOA, the court will confirm a composition
plan if at least one class of creditors (other than a class of shareholders) that can be expected to receive a distribution in case of
a bankruptcy of the debtor approves the plan, unless there is a statutory ground for refusal. The court can, inter alia, refuse
confirmation of a composition plan on the basis of (i) a request by an affected creditor of a consenting class if the value of the
distribution that such creditor receives