http://phx.corporate-ir.net/client/92/92562/HTML/2007_Annual_Report.htm#303
Click that link. Go to page B-11. Go to item 1A risk factors. Read to the top of page B-14. Now keeping the tone of pages B-11 through B-14 in mind, reread Frontier's 10-K. Keep in mind that the link above comes from the healthiest airline in the business and it is still fraught with scary statements like, "
The Company’s inability to successfully implement its revenue initiatives could adversely affect its results of operations."
Granted, Frontier is in bankruptcy and Southwest is not, so there are a couple of other "risks" that need to be disclosed. Just because Frontier management writes about some scary stuff in that disclosure does not necessarily mean that it is going to imminently happen, just like the statement I cut and pasted above from SWA's annual report isn't necessarily going to happen either.
Official disclosures such as these often contain statments such as these just to cover the company's a** in case things go pear shaped and investors get sue-happy. I would guess that the SEC requires full disclosure of any reasonable risk a potential investor might face.
That reporter should know better and is just digging for a story at the expense of Frontier employees.