Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 143

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 143
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 in the Netherlands”,
it may be subject to Dutch insolvency proceedings. In the event it was determined that Suzano Netherlands has its “centre of main
interest” outside of the European Union, Suzano Netherlands may still be subjected to insolvency proceedings in the Netherlands
due to the fact that the E.U. Insolvency Regulation would not apply. In that event, Dutch courts can claim jurisdiction based on the
Dutch Bankruptcy Act (Faillissementswet) because Suzano Netherlands has its statutory seat in the Netherlands. Under certain circumstances,
bankruptcy proceedings may also be opened in the Netherlands in accordance with Dutch law over the assets of companies that are not established
under Dutch law.

Dutch insolvency law differs from insolvency proceedings in the United
States and other jurisdictions and may make it more difficult for holders of debt securities issued and sold by Suzano Netherlands (the
“Dutch Debt Securities”) to recover the amount they would normally expect to recover in a liquidation or bankruptcy
proceeding in the United States or another jurisdiction. The following is a brief description of certain aspects of Dutch insolvency
law.

There are two applicable corporate insolvency regimes under Dutch
law: the first, suspension of payments (surseance van betaling), is intended to facilitate the reorganization of a debtor’s
indebtedness and enable the debtor to continue as a going concern. The second, bankruptcy (faillissement), is primarily designed
to liquidate and distribute the debtor’s assets to its creditors. In addition, the Act 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” (afkoelingsperi