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

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.

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.

Wichita-based Spirit AeroSystems says it will soon end the furloughs of some of its employees and has no immediate plans to implement additional furloughs or layoffs after Boeing workers approved a contract offer on Monday.

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, 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.

Spirit AeroSystems signage near a Boeing 737 fuselage is seen here in January outside the Boeing manufacturing facility in Renton, Wash. Of late, both companies have seen their financial challenges enhanced by a Boeing machinists strike that lasted nearly two months.

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.

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.