Company: SUZ
Filing Date: 2025-05-01
Form Type: F-3ASR
Source: 0001104659-25-042824
Chunk: 68

Company: Suzano S.A.
Filing Date: 2025-05-01
Form: F-3ASR
Chunk 68
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 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 under the plan is lower than the distribution it can be expected to receive in case of a bankruptcy
of the debtor or (ii) a request of an affected creditor of a non-consenting class, if the plan provides for a distribution of value
that deviates from the statutory or contractual ranking and priority to the detriment of that class.

Under the WHOA, the court may grant a stay on enforcement of a maximum of four months, with a possible extension of four months. During
such period, inter alia, all enforcement action against the assets of (or in the possession of)