Final efforts are continuing at the Labour Relations Commission this evening to resolve the two-week old crisis at Irish Ferries.
Sources at the talks told RTÉ News that management were preparing to wind-up the company if unions did not accept their latest proposals.
The talks had an initial deadline of yesterday but were reconvened this morning in an attempt to bridge the gap between unions and management at the company.
SIPTU and Irish Ferries management have been locked in a bitter dispute over the company's plans to outsource jobs and re-flag its ships.
Irish Ferries vessels have been held up at ports in Ireland and Wales for the past two weeks after management brought a replacement crew of eastern European workers on board two of its ships.
The NIB had recommended that Irish Ferries postpone its re-flagging and negotiate with unions on the possibility of paying foreign workers the minimum wage instead of the proposed €3.60 an hour.
SIPTU is also seeking to secure terms and conditions for staff who wish to remain on at the company.
Entering the talks today, SIPTU said it was hopeful but not optimistic of reaching an agreement and said the re-flagging of the ships remained a major stumbling block.
