Not necessarily refunds. It could be about bills they didn’t pay yet, for example because they had to be paid within 30 or 60 days, and that period hasn’t passed yet.

Asking “do you want 95% now or see whether we can pay back 100% in 20 days, when we have to pay you?” is fairly standard practice for companies that are running low on cash.

If all parties involved think there’s a >5% chance they won’t be able to eventually pay back, the rational thing to do is to accept that offer. Also, the first to accept the offer is more likely to get the money.

(But _if_ the end result is bankruptcy, the trustee appointed might order you to pay back that money, so that debtors who have more rights to be repaid can be paid back with it)