Sterling (and for that matter Astraeus) are both owned 100% by Northern Travel Holding (NTH) who, in turn, are controlled by the Baugur Group, who are Icelandic. Baugur Group has fingers in pies all over the place (they own the Iceland food store chain in the U.K., House of Fraser and Hamley's).
The question is what has actually happened? I hear rumours - and they are just that - that it was NTH/Baugur that defaulted on a loan for Sterling, not technically Sterling itself. Was the default caused by Sterling not making money, so Baugur/NTH decided to let it die? Or is Baugur itself shaky due to the Icelandic financial situation? If it's really Baugur that has the problem (or, indeed, NTH), then Astraeus isn't safe whether it's profit making or not - and it's that which worries me.