The problems at Aer Lingus run far deeper than the strike yesterday that left flights cancelled and 20,000 passengers stranded.
Almost six months since its aircraft were first grounded in the current spate of disputes, the State-owned airline has also seen a sharp fall in ticket sales due to a slowdown in the US economy and the foot-and-mouth epidemic in Britain.
Faced with what one insider described as an "alarming deterioration" in business, its chairman, Mr Bernie Cahill, has called a special board meetingfor next Monday.
This will be the first unscheduled meeting of directors since the early 1990s, when a financial crisis meant the airline risked closure. The current situation is not so grave that its viability is endangered, but board members are likely to be told that the outlook this year is bleak.
No one is talking about floating the airline on the Stock Exchange - that plan is on hold and senior figures within the company accept the prospects for an initial public offering before a general election are now remote. Aer Lingus is lurching from crisis to crisis - words used by the Minister for Public Enterprise, Ms O'Rourke - and stock market investors do not like that.
So what went wrong?
Company sources are keen to stress that Monday's meeting is not an attempt to scare trade unions into early resolution of the pay disputes.
Yesterday's stoppage was the second in eight days. Another is planned next Thursday, just before the Easter holiday and usually one of the busiest days of the year. About 3,000 ground staff represented by SIPTU are seeking "equity" with cabin crew on pay increases granted since the disputes erupted late last year.
Aer Lingus rejects this because it had reached agreement with ground staff before its agreement with cabin crew. Senior figures argue that recent agreements already reached will cost £20 million (€25.4 million) this year and £10 million more in improved pensions and deals yet to be reached with pilots and middle managers.
While many within the company blame a lengthy row between SIPTU and the IMPACT union over the representation of cabin crew for the strikes, the outside environment is worsening also.
Aer Lingus generates large profits from business-class travellers on its US routes, crucial to its turnaround after Mr Cahill's rescue plan, which brought it from the brink in the early 1990s.
Sources say that business is now falling off due to economic jitters in the US, particularly in the high-tech sectors. They add that foot-and-mouth has prompted a 20 per cent dip in bookings from Britain, France and Germany, its key European markets.
The next two weeks are generally crucial for sales of tickets in the summer period, when Aer Lingus makes most of its profits.
"If we don't find some way of arresting the decline in the next two weeks, the year could be lost for us at that stage," said one figure.
None of this augurs well for Ms O'Rourke's plan to float Aer Lingus, which needs £200 million to invest in its business by 2003. Mr Cahill spoke a year ago of a flotation "sooner rather than later" and possibly as early as last summer. That plane was missed - and there is no suggestion a similar opportunity will arise any time soon.
Worse still is damage to the reputation of Aer Lingus and loyalty of its customers.
The airline markets itself as a quality carrier, with services well ahead of low-fare operators such as Ryanair. This is little comfort to stranded passengers.