"We would not be surprised to see another such arrangement be announced," a prominent Wall Street aerospace sector analyst said.

Spirit AeroSystems and Boeing are close to reaching a funding agreement that would give a cash lifeline to the struggling Boeing supplier, an industry source familiar with the matter said.

Around 700 Spirit AeroSystems employees are being furloughed as a result of the ongoing strike by Boeing machinists that began last month, the company announced Friday.

Boeing has agreed to pay Spirit AeroSystems up to $350 million in advance to keep producing products for it as the fuselage supplier works through a liquidity crunch. The jet maker said Tuesday that the advance payments are intended to help Spirit address high levels of inventory and lower operational cash flows.