Freezer is failing and meat is thawing. Still refrigerator temp cold. Is it safe to refreeze?
Safe? As long as you the temperature has stayed below 40 degrees F, sure.
On the other hand, the lifespan is probably reduced. Also, it will likely dry out more when it is cooked. When meat is frozen, ice crystals poke holes in cell membranes. When you thaw meat and see liquid pooling, that's where it has come from. If you thaw and refreeze meat, you are repeating the membrane puncturing.
On the other other hand (as it were), if the meat has managed to be well insulated, well wrapped, and towards the center of the thawing mass (and you have managed to be a little bit lucky), it might still be frozen, so any new damage might be minimized.