Matt
personally i'd say there is nothing to take to much concern about (apart from the Guarantees), this is journalism at it's best taking all the issue factors currently in the headlines (Spanish property market, Northern Rock, USA market slump) and contributing them all to the over-zealous borrowing of one company. llanera probably have bitten more off than they can chew, not managed the costs and scale and therefore find themselves in this awkward position....however clearly trying to rectify the situation, pulling the draw-strings in so to speak which is good to see
SJG are established, have the financial backing so I'd not be so concerned regarding this but everyone is right to question the Bank Guarantees regardless.
As I say, my personal views.
regards
Darren