Spirit AeroSystems said on Tuesday it would receive up to $350 million in advance payments from its largest customer Boeing and up to $107 million from Airbus , 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.

Spirit Aerosystems (NYSE:SPR) rose 1.6% after the company confirmed that it entered into an advance payments pact with Boeing (BA). Boeing (BA) committed to pay as much as $350 million in the advanced payment pact,

The payments are intended to help address high levels of inventory and lower operational cash flows.

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.

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

One week after Spirit AeroSystems announced it has "substantial doubt" about its ability to continue as a going concern, Boeing is offering help.

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.

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.