Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 139

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 139
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 undue delay, but no later than sixty days after the occurrence of insolvency. If insolvency proceedings
are initiated upon a creditor’s request, such creditor will have to show that the debtor is insolvent or over indebted. In the
event that the debtor is at imminent risk of being unable to pay its debts as and when they fall due (drohende Zahlungsunfähigkeit),
insolvency proceedings may be initiated only upon the debtor’s request.

If the debtor has submitted, together with its
application requesting the opening of insolvency proceedings, an application for the commencement of restructuring proceedings (Sanierungsverfahren),
the court may order the opening of either (i) insolvency proceedings or (ii) restructuring proceedings. The legal provisions
regulating restructuring proceedings do not apply to insolvency proceedings.

If it is the debtor that has applied for the
initiation of insolvency proceedings and has submitted to the court a restructuring plan (Sanierungsplan) that offers a recovery
rate of at least 20% payable to the unsecured creditors over a maximum period of two years, from the date of adoption of the restructuring
plan any proceedings so initiated by the court will be in the form of restructuring proceedings. A debtor may also submit a restructuring
plan in the course of insolvency proceedings that are already in progress whereupon such proceedings will continue as restructuring proceedings.
For the debtor’s restructuring plan to be approved by the court it must meet certain criteria specified by law.

The purpose of a restructuring plan is to enable
a debtor to be released from a portion of its debts (not to exceed 80% of the aggregate amount thereof) and to continue its business
operations. A restructuring plan has to be approved by a “qualified majority” of the debtor’s unsecured creditors.
A “qualified majority” refers to a majority of the debtor’s unsecured creditors present at the respective court hearing,
provided that such majority represents more than 50% of the aggregate amount of all claims of the unsecured creditors being present at
such hearing. Once the debtor has complied with the terms of a restructuring plan that was duly approved by the creditors and confirmed
by the court, it will be released from its remaining outstanding unsecured debts. Unsecured creditors whose claims under the restructuring
plan have not been satisfied in accordance with the plan’s terms may enforce their individual claims against the debtor, in which
case the restructuring proceedings will be continued as insolvency proceedings.

If the restructuring proceedings have been initiated
and the debtor has submitted a