Just a wild idea:
Could they (the management or Dubai government) let EK go bankrupt while founding a "new EK" out of I'm not sure what (maybe Fly Dubai, in a Swissair-Crossair-Swiss kind of move) so that they can cancel all the contracts they want and just take "back" what they need?
Obviously Airbus and Boeing would be very unhappy and the negotiation for next order may be a bit uncomfortable but for the moment, EK have plenty of planes to use (even though there are not the fittest for present job), and at that moment builders may well be in a difficult situation too, so maybe not that unhappy for an order.
It would obviously be a creative/abusive use of bankruptcy (and I have no idea how this is working in UAE) but as it would be handled locally, I guess Dubai authorities could find how to handle that so that it may look legal.
Many of the funding participants involved in EK leases are citizens, especially of the A380, so extremely unlikely.
At end of lease (EOL), EK can opt to switch to power by the hour, effectively offering the lessor some dollars (maybe) and free storage, at the same deferring EOL payments. Or lessor can insist on return of the aircraft, enforcing EOL conditions, which will result in dollars sunk into the aircraft with no collateral benefit to lessor or lessee.
In such situations, the lessor will want to receive an EOL payment, in lieu of the work. Won't work for EK (or LH), as lessee's discretion, reflecting they have their own engineering capability to undertake EOL work.
So the usual outcome would be the lessor takes a discounted cash payment, or forgives most / all of the EOL and signs a new lease on a new aircraft. Can't happen now, as standing in the shadows (or right out in the open), are the lessor's bankers. And which airlines want new aircraft at pre-COVID pricing? Everyone wants a re-price even on already ordered aircraft.
EK have more latitude on GE powered A380's, as these have power by the hour linked to the initial lease term on 3 yearly rollover, whereas RR is lease term plus 2 years fixed, so less costly for the lessor and lessee to exit the GE deal.
Only positive is with aircraft grounded, leased aircraft may drop into low use (cycles / hours), reducing lease costs. These are normally accumulated and deducted from the EOL payment, though many lessor's have been requested to deduct real time from monthly lease charges.