How to reach an amicable settlement with an employee upon losing a labor case?

I have an employee who filed a labor case that is in execution.

I have tried over the last 2 months to reach an amicable settlement with him on the payment of his settlement. My commitment to him has been based on the commitments I have received from my clients to the company.

He initially requested a 25% down payment and 6 PDC checks which I agreed to and he has since rejected that and then demanded 100% of his settlement which he then modified to 50% and 3 PDC checks.

I informed him that it would not be possible to pay 50% and 3 PDC checks; the best I could do is 40% and 3 PDC checks as I needed the remaining funds to cover the current employee's medical insurance, some of them have critical medical conditions requiring monthly medication.

He has again rejected that and is demanding a 50% down payment to release the case and the block on the company trade license and bank account. I also have other PDC checks due and with a blocked account, these checks will bounce. The settlement is 291KAED.