Meaning:
1. gasp for air, on the verge of drowning
2. struggle, be in a difficult situation, on the brink of bankruptcy

Usage Example:
1. 潮の流れが速く、泳ぐことのできない彼女はあっぷあっぷしていた。 (The tide was fast and she was struggling because she does not know how to swim.)
2. 自転車操業に陥り、資金繰りもままならない経営陣はあっぷあっぷしている。 (The management is struggling with finances as operations struggle.)