The article says: The complexity reached its zenith with the...

The article says:

The complexity reached its zenith with the 2006 spin-off of Centro Retail Trust. It was sold as a plain old boring property trust  safe, with a steady yield. (When the crunch came, it was anything but; cross-guarantees ensured unitholders were liable for debts across the Centro group.)

CER does not have any cross guarantees with Centro apart from SuperLLC.

CER is only liable to the extent of equity it invested in the SuperLLC JV.

From that way that reads, CER is liable for all of CNP's debts across the whole organisation

Be careful what you read

Analysts/journalists have a licence to print whatever garbage they like and get away with it