and the administrator has the power to cancel contracts, which means they can credibly say to lessors, "You can keep your lease, at an X% discount, or we'll cancel it and talk to the other lessors."
Well that is partly true I guess. One could also say that the the lessors can force liquidation to recoup some of their contracted lease fee.
The administrators cannot wave a magic wand to make debt disappear. If enough creditors agree they can force liquidation.