Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 146

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 146
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 Debt Securities to effect a restructuring and could reduce the recovery
of such holder in Duch suspension of payments proceedings or bankruptcy. Interest accruing after the date on which a moratorium or bankruptcy
is granted cannot be claimed in a composition.

The existence, value and ranking of any claims submitted by holders
of debt securities may be challenged in Dutch insolvency proceedings. Generally, in a creditors’ meeting (verificatievergadering),
the receiver (curator) in bankruptcy, the administrator (bewindvoerder) in suspension of payment proceedings, the insolvent
debtor and all verified creditors may dispute the verification of claims of other creditors. Creditors whose claims or value thereof are
disputed in the creditors’ meeting may be referred to separate court proceedings (renvooiprocedure) in bankruptcy proceedings,
while in suspension of payment proceedings the competent court will decide how a disputed claim will be treated for voting purposes. These
situations could cause a holder of 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.