Spirit AeroSystems (NYSE: SPR) today announces an Advance Payments Agreement with Boeing, in which Boeing has committed to pay Spirit, as advance payments, up to a total of $350,000,000.00 to produce Boeing products at the rates required by Boeing.

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.

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.

There had been speculation about what kind of help could be coming from Boeing after Spirit AeroSystems issued a "going concern" warning last week. A week after Spirit AeroSystems issued a warning about its ability to operate moving forward,