It is almost certainly the firmware/player setup in the initial player at fault here,
What happens when these things are sent out from the factory is the default settings in every player are minimal options that will get sound & picture up on as wide a range of systems as possible - the idea is that you then tweak the player options to match your needs.
As this is a Blu-ray player it will almost certainly be set to basic mode - stereo output. Why? Because there are so many ways to connect the audio system:
1 - Analogue Stereo
2 - Analogue Surround
3 - HDMI Digital
4 - CoAxial Digital
5 - Lightpipe/TOSlink/ADAT digital (all the same).
Because of the complex situation with audio on Blu-ray, the older options (4 & 5) are restricted and usually option 3 is set to stereo downmix mode - or the amplifier is set to stereo downmix mode (unlikely). This is simply because there are weird mandatory audio setups (almost everything about Blu-ray is over complicated - it is the epitome of why you should never design media formats by committee) so we have the following mandatory forms (by Mandatory, every player must be capable of this output)
A - PCM at up to 24/192 in 5.1 and up to 7.1 in 24/96.
B - Dolby True HD (Stereo component only - Mandatory Multichannel configuration with Dolby True HD is the AC3 (Dolby Digital) core audio stream and the full 5.1/7.1 lossless output is optionally supported only ("optionally supported" means it is up to the hardware manufacturer to decide of they want this ON or OFF)
C - DTS-HD Master Audio (Stereo component only - mandatory part is the DTS Core Audio, lossless multichannel is optionally supported)
D - Dolby Digital (24/48 resolution) at up to 640kbps
E - DTS Core Audio.
All the rest is optional. So it is quite possible to play a disc, have the Dolby True HD light (or the DTS-HD Master Audio) and actually be getting lossy audio.
Additionally, lossless multichannel cannot be output down the so-called "legacy" digital connections (options 4 & 5 above) because the upper resolutions cannot go down these connections as there is insufficient bandwidth - down these connections you can get 24/48 5.1 at best, possibly 24/48 7.1 but I am not sure there. So all are restricted rather than just allowing only 16/24 bit at 48kHz and restricting the rest as that would be almost impossible to pull off. That said, some consoles will automatically resample and/or truncate the bitrate & shoe-horn it into a degraded output.
Check the audio setup in the old player, and make sure it is not set to downmix to stereo.