then Astraeus isn't safe whether it's profit making or not - and it's that which worries me
I would not be so worried - if a loan is subparticipated at a holding company level, it remains securitised on the assets against which it was raised. Regardless of whether or not the loan defaults (though it is more likely to default as a result of not generating cash, than Bauger itself pulling it down with it) - if the business itself has value, the administrator would see value in keeping it operating.
Astraeus is, I believe, and commonly thought to be, generating cash in the current environment - and long may that continue. If a loan at the holding company defaults, while the ownership of Astraeus may change, I doubt that the operation itself would be at risk.
Needless to say, I do not personally have a clue as to the holding structure of the business - nor would I expect anyone who does to be commenting about it online!