Boeing has agreed to give Spirit AeroSystems , the company that develops aircraft fuselages, a hefty financial boost. The US planemaker will provide up to $350 million in advance to support the production of products as the supplier grapples with a liquidity crisis.

By David Shepardson, Allison Lampert and Tim Hepher (Reuters) -Spirit AeroSystems said on Tuesday it would receive up to $350 million in advance payments from its largest customer Boeing, giving the struggling supplier a lifeline as it burns cash after four consecutive years of losses.

In April, Boeing provided a $425 million advance to support Spirit's liquidity. Spirit, Wichita's largest employer with around 12,800 full-time workers, previously disclosed it has spent all of that money, as well as the entirety of a $350 million bridge loan that was set up earlier this year.

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,

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.A deal could be announced in the next few days,

Spirit AeroSystems said on Tuesday that Boeing will pay a total of up to $350 million in advance payments to the firm, providing the struggling supplier a lifeline as it continues to burn cash after four consecutive years of losses.

By David Shepardson and Allison Lampert (Reuters) -Spirit AeroSystems said Tuesday that planemaker Boeing will pay up to $350 million in advance payments to the firm, providing the struggling supplier a lifeline as it continues to burn cash after four consecutive years of losses.