1) Owners of AirAsia X negotiating from a position of power - The owners can just walk away. Post restructuring the company will need to raise RM300m-400m, and borrow another RM200m, to function for the next 2 years. Thus the current controlling shareholders will probably have to pony up RM70-100m eventually. The owners can walk away and restart a new airline, or even takeover Malaysia Airlines-Firefly on a probable "better deal".
2) Mostly leases, planes and maintenance contracts - They are asking for a massive share consolidation (a must), and a never heard of before haircut. To be fair, they did not yet "use" most of these liabilities. Basically to get out of future commitments. It is not a lack of professional integrity but rather a realignment of new reality in light of black swan events.
3) No Choice - The low-cost, medium-haul airline, which has grounded all its flights due to the Covid-19 outbreak, is asking creditors and suppliers to forgo over RM63bil in liability and instead accept a maximum RM200mil in payment. While the proposal may sound atrocious, there's no other reasonable choice. If you offer too much, say RM500m to creditors, it will have grave difficulty to even raise RM300m later to move forward. Plus you can't really make use of the leases in the foreseeable future. That is why listed companies has to be of limited liability. Creditors have to take on risks as well when lending to clients. I mean, if you break it up now, it has a negative value, i.e. creditors get nothing except those who are secured.