Boeing Co. will advance Spirit Aerosystems Holdings Inc. as much as $350 million as the planemaker gives its most important supplier a financial lifeline ahead of the planned purchase of the company.

The airframe manufacturer will get a new cash infusion from its major customer to ensure it can remain financially stable and maintain inventory, reduce operating expenses,

Hours after announcing it will receive up to $350 million in advance payments from Boeing, Spirit said it has an updated memorandum of agreement with Airbus stating the European aerospace giant will provide the major supplier with a $107 million non-interest-bearing line of credit.