Company: SUZ
Filing Date: 2025-05-01
Form Type: F-3ASR
Source: 0001104659-25-042824
Chunk: 67

Company: Suzano S.A.
Filing Date: 2025-05-01
Form: F-3ASR
Chunk 67
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 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 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