Its not the capital tied up in aircraft that's the issue, its the cash already burnt. A lot of cash has been poured into these entities with very little to show for it. That capital is gone, and can only be recouped through a sale of the businesses.
The question is can QF afford to keep shovelling money into the endless cash pits of Asia? The analysts & market say no. If they go bust or are shut down, this capital loss is crystallised & the capital evaporates into thin air, gone from the business forever. The only way out is a face saving sale at a firesale price or they are gifted to the local partners.