Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 145

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 145
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 on Court Confirmation of Extrajudicial Restructuring Plans
(Wet homologatie onderhands akkoord) (the “WHOA”) allows a debtor to offer a composition outside of formal insolvency
proceedings such as suspension of payments or bankruptcy. Both insolvency regimes and the WHOA are set forth in the Dutch Bankruptcy Act.
In practice, a suspension of payments often results in bankruptcy. A general description of the principles of the regimes is set out below.

Under Dutch law secured creditors (and in case of suspension of payment
also preferential creditors (including tax and social security authorities)) may enforce their rights against assets of the company to
satisfy their claims as if there were no insolvency proceedings. A recovery under Dutch law could, therefore, involve a sale of assets
that does not reflect the going concern value of the debtor. However, the court may order a “cooling down period” (afkoelingsperiode)
for a maximum period of four months during which enforcement actions by secured or preferential creditors are barred.

Any pending executions of judgments against Suzano Netherlands would
be suspended by operation of law when suspension of payments is granted and would be terminated by operation of law when bankruptcy is
declared. In addition, any attachment by holder of Dutch Debt Securities on its assets will cease to have effect upon the suspension of
payments having become definitive, a composition having been ratified by the court or the declaration of bankruptcy (as the case may be)
subject to the ability of the court to set an earlier date for such termination. Litigation pending on the date of the bankruptcy order
is automatically stayed. Under Dutch law, bankruptcy and moratorium of payment generally take effect at 00.00 a.m. on the day of
the judgment of the bankruptcy or the moratorium of payments.

In a suspension of payments or a bankruptcy, a composition (akkoord)
may be offered to creditors (including holders of Dutch Debt Securities). A composition will be binding on all unsecured and non-preferential
creditors (including holders of Dutch Debt Securities) if it is (i) approved by a simple majority of the creditors being present
or represented at the creditors' meeting, representing at least fifty per cent. of the amount of the claims that are admitted for voting
purposes, and (ii) subsequently ratified (gehomologeerd) by the competent Dutch court. Consequently, Dutch insolvency laws
could preclude or inhibit the ability of the holders of Dutch