Airline Cashflow Crisis

I've been waiting almost ten weeks for a refund from an airline, which had originally promised to do it in six weeks (which I thought was bad enough).

So what do we think the reason is? Cashflow crisis, incompetence or cynicism bordering on banditry?

I hesitate to name them as I'm sure there are probably laws against accusing companies of being insolvent but one really does wonder how difficult it is to process a refund.